PIMCO RAFI ESG U.S. ETF (RAFE) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-22375

PIMCO Equity Series

(Exact name of registrant as specified in charter)

650 Newport Center Drive, Newport Beach, CA 92660

(Address of principal executive office)

Bijal Y. Parikh

Treasurer (Principal Financial & Accounting Officer)

PIMCO Equity Series

650 Newport Center Drive

Newport Beach, CA 92660

(Name and address of agent for service)

Copies to:

Adam T. Teufel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Registrant’s telephone number, including area code: (888) 877-4626

Date of fiscal year end: June 30

Date of reporting period: December 31, 2022

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Shareholders.

a) The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “Act”) (17 CFR 270.30e-1).

• PIMCO Dividend and Income Fund

• PIMCO REALPATH® Blend Income Fund

• PIMCO REALPATH® Blend 2025 Fund

• PIMCO REALPATH® Blend 2030 Fund

• PIMCO REALPATH® Blend 2035 Fund

• PIMCO REALPATH® Blend 2040 Fund

• PIMCO REALPATH® Blend 2045 Fund

• PIMCO REALPATH® Blend 2050 Fund

• PIMCO REALPATH® Blend 2055 Fund

• PIMCO REALPATH® Blend 2060 Fund

• PIMCO REALPATH® Blend 2065 Fund

• PIMCO RAE US Fund

• PIMCO RAE US Small Fund

• PIMCO RAE Emerging Markets Fund

• PIMCO RAE International Fund

• PIMCO RAE Global ex-US Fund

• PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF

• PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF

• PIMCO RAFI Dynamic Multi-Factor International Equity ETF

• PIMCO RAFI ESG U.S. ETF

PIMCO EQUITY SERIES^®

Semiannual Report

December 31, 2022

PIMCO Dividend and Income Fund

Table of Contents

	Page
Chairman’s Letter		2
Important Information About the PIMCO Dividend and Income Fund		5
Fund Summary		10
Expense Example		15
Financial Highlights		16
Statement of Assets and Liabilities		18
Statement of Operations		20
Statements of Changes in Net Assets		21
Schedule of Investments		22
Notes to Financial Statements		54
Glossary		88
Distribution Information		89
Approval of Investment Advisory Contract and Other Agreements		90

This material is authorized for use only when preceded or accompanied by the current PIMCO Equity Series prospectus. The Shareholder Reports for the other series of the PIMCO Equity Series are printed separately.

Chairman’s Letter

Dear Shareholder,

2022 was a challenging year in the financial markets. We continue to work tirelessly to navigate global markets and manage the assets that you have entrusted with us. Following this letter is the PIMCO Equity Series Semiannual Report, which covers the six-month reporting period ended December 31, 2022 (the “reporting period”). On the subsequent pages, you will find details regarding investment results and a discussion of the factors that most affected performance during the reporting period.

For the six-month reporting period ended December 31, 2022

The global economy faced significant headwinds in 2022, including those related to higher inflation, the COVID-19 pandemic, and the Russia-Ukraine conflict. In the U.S., second quarter 2022, prior to the beginning of the reporting period, annualized gross domestic product (“GDP”) was -0.6%. The economy then strengthened, as third quarter annualized GDP was +3.2%. The Commerce Department’s initial estimate for fourth quarter 2022 annualized GDP — released after the reporting period ended — was 2.9%.

The Federal Reserve Board (the “Fed” or “U.S. central bank”) took actions to combat elevated inflation. In March 2022, the Fed raised the federal funds rate 0.25% to a range between 0.25% and 0.50%, its first rate hike since 2018. The U.S. central bank then raised rates at its next six meetings, for a total increase of 4.25% in 2022. At the end of the year, the federal funds rate was in a range between 4.25% and 4.50%.

Economies outside the U.S. also faced several headwinds. In its October 2022 World Economic Outlook Update, the International Monetary Fund (the “IMF”) downgraded its expectation for 2022 GDP citing “turbulent challenges” including high inflation, tightening financial conditions, as well as the ongoing Russia-Ukraine conflict and COVID-19 pandemic. For 2022, the IMF included in its projections that GDP would grow 1.6% in the U.S. (from 5.7% in 2021), 3.1% in the eurozone (from 5.2% in 2021), 3.6% in the U.K. (from 7.4% in 2021), and 1.7% in Japan (the same as in 2021).

Several central banks tightened their respective monetary policies in recent years. For example, in December 2021, prior to the beginning of the reporting period, the Bank of England (the “BoE”) raised rates for the first time since COVID-19 began. The BoE again raised rates at its next eight meetings, for a total of 3.50% in rate hikes since its first increase. The European Central Bank raised rates four times in 2022, for a total increase of 2.50%. In contrast, the Bank of Japan (the “BoJ”) maintained its loose monetary policy for most of 2022. However, in December 2022 the BoJ announced that it would allow its 10-year government bond yield to rise to

2 PIMCO EQUITY SERIES

0.5% (previously limited to 0.25%). The news sent the 10-year bond yield and Japanese yen higher, as market participants interpreted the announcement to mean that the BoJ may pivot from its previous monetary stance.

During the reporting period, short- and long-term U.S. Treasury yields moved higher. The yield on the benchmark 10-year U.S. Treasury note was 3.88% on December 31, 2022, versus 2.98% on June 30, 2022. The Bloomberg Global Treasury Index (USD Hedged), which tracks fixed-rate, local currency government debt of investment grade countries, including developed and emerging markets, returned -2.97%. Meanwhile, the Bloomberg Global Aggregate Credit Index (USD Hedged), a widely used index of global investment grade credit bonds, returned -1.59%. In contrast, riskier fixed income asset classes, including high yield corporate bonds and emerging market debt, generated positive returns. The ICE BofAML Developed Markets High Yield Constrained Index (USD Hedged), a widely used index of below-investment-grade bonds, returned 3.82%, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global (USD Hedged), returned 2.93%. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned 3.33%.

Amid periods of volatility, global equities generally posted mixed results during the reporting period as economic and geopolitical concerns impacted investor sentiment. U.S. equities, as represented by the S&P 500 Index, returned 2.31%. Global equities, as represented by the MSCI World Index, returned 2.97%, while emerging market equities, as measured by the MSCI Emerging Markets Index, returned -2.99%. Meanwhile, Japanese equities, as represented by the Nikkei 225 Index (in Japanese yen), returned -0.06% and European equities, as represented by the MSCI Europe Index (in euro), returned 5.05%.

Commodity prices were volatile and generated mixed returns during the reporting period. Brent crude oil, which was approximately $119.78 a barrel at the start of the reporting period, fell to roughly $82.82 a barrel at the end of December 2022. In contrast, prices of other commodities, such as copper and gold, edged higher during the period.

Finally, there were also periods of volatility in the foreign exchange markets. We believe this was driven by several factors, including economic growth expectations and changing central bank monetary policies, as well as rising inflation, COVID-19 variants, and geopolitical events. The U.S. dollar was mixed against several major currencies. For example, during the reporting period, the U.S. dollar returned -2.11%, +0.78%, and -3.51% versus the euro, the British pound and the Japanese yen, respectively.

SEMIANNUAL REPORT DECEMBER 31, 2022 3

Chairman’s Letter (Cont.)

Thank you for the assets you have placed with us. We deeply value your trust, and we will continue to work diligently to meet your broad investment needs. For any questions regarding the funds, please contact your account manager or financial adviser, or call one of our shareholder associates at (888) 87-PIMCO. We also invite you to visit our website at www.pimco.com to learn more about our global.

Sincerely,     Peter G. Strelow Chairman of the Board
PIMCO Equity Series

Past performance is no guarantee of future results. Unless otherwise noted, index returns reflect the reinvestment of income distributions and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. It is not possible to invest directly in an unmanaged index.

4 PIMCO EQUITY SERIES

Important Information About the PIMCO Dividend and Income Fund

PIMCO Equity Series (the “Trust”) is an open-end management investment company that includes PIMCO Dividend and Income Fund (the “Fund”).

We believe that equity funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that equity funds are subject to notable risks. Among other things, equity and equity-related securities may decline in value due to both real and perceived general market, economic, and industry conditions.

The values of equity securities, such as common stocks and preferred securities, have historically risen and fallen in periodic cycles and may decline due to general market conditions, which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. Equity securities may also decline due to factors that affect a particular industry or industries, such as labor shortages, increased production costs and competitive conditions within an industry. In addition, the value of an equity security may decline for a number of reasons that directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets. Different types of equity securities may react differently to these developments and a change in the financial condition of a single issuer may affect securities markets as a whole.

During a general downturn in the securities markets, multiple asset classes, including equity securities, may decline in value simultaneously. The market price of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. Equity securities generally have greater price volatility than fixed income securities and common stocks generally have the greatest appreciation and depreciation potential of all equity securities.

The Fund may be subject to various risks as described in its prospectus and in the Principal and Other Risks in the Notes to Financial Statements.

Classifications of the Fund’s portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Allocation Breakdown and Schedule of Investments sections of this report may differ from the classification used for the Fund’s compliance calculations, including those used in the Fund’s prospectus, investment objectives, regulatory, and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. The Fund is separately monitored for compliance with respect to prospectus and regulatory requirements.

The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security’s country of incorporation may be different from its country of economic exposure.

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. In 2022, many countries lifted some or all restrictions related to COVID-19. However, the effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Fund’s performance. In addition, COVID-19 and governmental responses to COVID-19 may negatively impact the capabilities of the Fund’s service providers and disrupt the Fund’s operations.

SEMIANNUAL REPORT DECEMBER 31, 2022 5

Important Information About the PIMCO Dividend and Income Fund (Cont.)

The United States’ enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities. The United States’ enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government’s response, may also negatively impact securities and instruments that are economically tied to Russia.

The United Kingdom’s withdrawal from the European Union may impact Fund returns. The withdrawal may cause substantial volatility in foreign exchange markets, lead to weakness in the exchange rate of the British pound, result in a sustained period of market uncertainty, and destabilize some or all of the other European Union member countries and/or the Eurozone.

The Fund may invest in certain instruments that rely in some fashion upon the London Interbank Offered Rate (“LIBOR”). LIBOR is an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, has announced plans to ultimately phase out the use of LIBOR. There remains uncertainty regarding future utilization of LIBOR and the nature of any replacement rate (e.g., the Secured Overnight Financing Rate, which is intended to replace U.S. dollar LIBOR and measures the cost of overnight borrowings through repurchase agreement transactions collateralized with U.S. Treasury securities). Any potential effects of the transition away from LIBOR on the Fund or on certain instruments in which the Fund invests can be difficult to ascertain, and they may vary depending on a variety of factors. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to the Fund.

On the Fund Summary page in this Shareholder Report, the Average Annual Total Return table and Cumulative Returns chart measure performance assuming that any dividend and capital gain distributions were reinvested. Returns do not reflect the deduction of taxes that a shareholder would pay on (i) Fund distributions or (ii) the redemption of Fund shares. The Cumulative Returns chart and Average Annual Total Return table reflect any sales load that would have applied at the time of purchase or any Contingent Deferred Sales Charge (“CDSC”) that would have applied if a full redemption occurred on the last business day of the period shown in the Cumulative Returns chart. Class A shares are subject to an initial sales charge. A CDSC may be imposed in certain circumstances on Class A shares that are purchased without an initial sales charge and then redeemed during the first 12 months after purchase. Class C shares are subject to a 1% CDSC, which may apply in the first year. The Cumulative Returns chart reflects only Institutional Class performance. Performance may vary by share class based on each class’s expense ratios. Performance shown is net of fees and expenses. The minimum initial investment amount for Institutional Class, I-2 and I-3 shares is $1,000,000. The minimum initial investment amount for Class A and Class C shares is $1,000. The Fund measures its performance against at least one broad-based securities market index (“benchmark index”). The benchmark index does not take into account fees, expenses, or taxes. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. There is no assurance that the Fund, even if the Fund has experienced high or unusual performance for one or more periods, will experience similar levels of performance in the future. High performance is defined as a significant increase in either 1) the Fund’s total return in excess of that of the Fund’s benchmark between reporting periods or 2) the Fund’s total return in excess of the Fund’s historical returns between reporting periods. Unusual performance is defined as a significant change in the Fund’s performance as compared to

6 PIMCO EQUITY SERIES

one or more previous reporting periods. Historical performance for the Fund or share class may have been positively impacted by fee waivers or expense limitations in place during some or all of the periods shown, if applicable. Future performance (including total return or yield) and distributions may be negatively impacted by the expiration or reduction of any such fee waivers or expense limitations.

The following table discloses the inception dates of the Fund and its share classes along with the Fund’s diversification status as of period end:

Fund Name

Fund Inception

Institutional Class

I-2

I-3

Class A

Class C

Diversification Status

PIMCO Dividend and Income Fund

12/14/11

12/14/11

12/14/11

—

12/14/11

12/14/11

Diversified

An investment in the Fund is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in the Fund.

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Fund. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither the Fund’s prospectus nor the Fund’s summary prospectus, the Trust’s Statement of Additional Information (“SAI”), any contracts filed as exhibits to the Trust’s registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or the Fund creates a contract between or among any shareholder of the Fund, on the one hand, and the Trust, the Fund, a service provider to the Trust or the Fund, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to the Fund or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or the Fund is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to the Fund, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust’s then-current prospectus or SAI.

PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Fund. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Fund, and information about how the Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30th, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO, on the Fund’s website at www.pimco.com, and on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.

SEMIANNUAL REPORT DECEMBER 31, 2022 7

Important Information About the PIMCO Dividend and Income Fund (Cont.)

The Fund files portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Fund’s complete schedule of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC’s website at www.sec.gov and on PIMCO’s website at www.pimco.com, and will be made available, upon request, by calling PIMCO at (888) 87-PIMCO.

SEC rules allow the Fund to fulfill its obligation to deliver shareholder reports to investors by providing access to such reports online free of charge and by mailing a notice that the report is electronically available. Investors may elect to receive all future reports in paper free of charge by contacting their financial intermediary or, if invested directly with the Fund, investors can inform the Fund by calling (888) 87-PIMCO. Any election to receive reports in paper will apply to all funds held with the fund complex if invested directly with the Fund or to all funds held in the investor’s account if invested through a financial intermediary.

In October 2020, the SEC adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, the rule requires funds that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. These requirements may limit the ability of the Fund to use derivatives and reverse repurchase agreements and similar financing transactions as part of its investment strategies and may increase the cost of the Fund’s investments and cost of doing business, which could adversely affect investors. The rule went into effect on February 19, 2021. The compliance date for the new rule and related reporting requirements was August 19, 2022.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines “readily available market quotations” for purposes of the definition of “value” under the Investment Company Act of 1940 (the “Act”), and the SEC noted that this definition will apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022.

In May 2022, the SEC proposed amendments to a current rule governing fund naming conventions. In general, the current rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The proposed amendments would expand the scope of the current rule in a number of ways that would result in an expansion of the types of fund names that would require the fund to adopt an 80% investment policy under the rule. Additionally, the proposed amendments would modify the circumstances under which a fund may deviate from its 80% investment policy and address the use and valuation of derivatives instruments for purposes of the rule. The proposal’s impact on the Fund will not be known unless and until any final rulemaking is adopted.

8 PIMCO EQUITY SERIES

In May 2022, the SEC proposed a framework that would require certain registered portfolios (such as the Fund) to disclose their environmental, social, and governance (“ESG”) investing practices. Among other things, the proposed requirements would mandate that funds meeting three pre-defined classifications (i.e., integrated, ESG focused and/or impact funds) provide prospectus and shareholder report disclosure related to the ESG factors, criteria and processes used in managing the fund. The proposal’s impact on the Fund will not be known unless and until any final rulemaking is adopted.

In October 2022, the SEC adopted changes to the mutual fund and exchange-traded fund (“ETF”) shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will impact the disclosures provided to shareholders. The rule amendments are effective as of January 24, 2023, but the SEC is providing an 18-month compliance period following the effective date for such amendments other than those addressing fee and expense information in advertisements that might be materially misleading.

In November 2022, the SEC proposed rule amendments which, among other things, would require funds to adopt swing pricing in order to mitigate dilution of shareholders’ interests in a fund by requiring the adjustment of fund net asset value per share to pass on costs stemming from shareholder purchase or redemption activity. In addition the proposed rule would amend the liquidity rule framework. The proposal’s impact on the Portfolio will not be known unless and until any final rulemaking is adopted.

In November 2022, the SEC adopted amendments to Form N-PX under the Act to improve the utility to investors of proxy voting information reported by mutual funds, ETFs and certain other funds. The rule amendments will expand the scope of funds’ Form N-PX reporting obligations, subject managers to Form N-PX reporting obligations for “Say on Pay” votes, enhance Form N-PX disclosures, permit joint reporting by funds, managers and affiliated managers on Form N-PX; and require website availability of fund proxy voting records. The amendments will become effective on July 1, 2024. Funds and managers will be required to file their first reports covering the period from July 1, 2023 to June 30, 2024 on amended Form N-PX by August 31, 2024.

SEMIANNUAL REPORT DECEMBER 31, 2022 9

PIMCO Dividend and Income Fund

Cumulative Returns Through December 31, 2022

$1,000,000 invested at the end of the month when the Fund’s Institutional Class commenced operations.

Average Annual Total Return for the period ended December 31, 2022
		6 Months*		1 Year		5 Years		10 Years		Fund Inception (12/14/11)
	PIMCO Dividend and Income Fund Institutional Class		3.97%		(6.25)%		2.94%		4.96%		5.95%
	PIMCO Dividend and Income Fund I-2		3.99%		(6.36)%		2.84%		4.87%		5.86%
	PIMCO Dividend and Income Fund Class A		3.89%		(6.51)%		2.59%		4.60%		5.58%
	PIMCO Dividend and Income Fund Class A (adjusted)		(1.83)%		(11.68)%		1.44%		4.01%		5.05%
	PIMCO Dividend and Income Fund Class C		3.44%		(7.19)%		1.82%		3.81%		4.79%
	PIMCO Dividend and Income Fund Class C (adjusted)		2.45%		(8.08)%		1.82%		3.81%		4.79%
	MSCI ACWI High Dividend Yield Net USD±ª		3.40%		(7.49)%		4.35%		6.25%		7.34%
	50% MSCI ACWI High Dividend Yield Index / 50% Bloomberg US Aggregate Index±±		0.28%		(10.13)%		2.45%		3.82%		4.39%¨

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

* Cumulative return.

^¨ Average annual total return since 11/30/2011.

^ª Effective November 1, 2021, the Fund’s primary benchmark is the MSCI ACWI High Dividend Yield Index. The Fund believes that the new primary benchmark better aligns with the Fund’s investment strategy. Prior to November 1, 2021, the Fund’s primary benchmark was the MSCI World Index.

^± MSCI ACWI High Dividend Yield Net USD includes large and mid cap stocks across a group of developed markets and emerging markets countries. The index is designed to include companies with high dividend income and

10 PIMCO EQUITY SERIES

Institutional Class - PQIIX	I-2 - PQIPX
Class A - PQIZX	Class C - PQICX

quality characteristics, and that have higher than average dividend yields that are both sustainable and persistent. Securities are screened based on track record of consistent dividend payments with capacity to sustain dividend payouts into the future. Securities are also screened based on certain quality factors such as return on equity, earnings variability, debt to equity, and recent 12-month price performance. Issuer weights are capped at 5%. The index is market cap weighted and rebalanced semi-annually in May and November.

^±± The MSCI ACWI High Dividend Yield Index includes large and mid cap stocks across a group of developed markets and emerging markets countries. The index is designed to include companies with high dividend income and quality characteristics, and that have higher than average dividend yields that are both sustainable and persistent. Securities are screened based on track record of consistent dividend payments with capacity to sustain dividend payouts into the future. Securities are also screened based on certain quality factors such as return on equity, earnings variability, debt to equity, and recent 12-month price performance. Issuer weights are capped at 5%. The index is market cap weighted and rebalanced semi-annually in May and November. The Bloomberg US Aggregate Index represents securities that are registered with the Securities and Exchange Commission, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis.

It is not possible to invest directly in an unmanaged index.

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares and 1.00% CDSC on Class C shares. For performance data current to the most recent month-end, visit www.pimco.com or via (888) 87-PIMCO.

The Fund’s total annual operating expense ratio in effect as of period end were 0.70% for Institutional Class shares, 0.80% for I-2 shares, 1.05% for Class A shares, and 1.80% for Class C shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

SEMIANNUAL REPORT DECEMBER 31, 2022 11

PIMCO Dividend and Income Fund (Cont.)

Geographic Breakdown as of December 31, 2022†§
United States	64.1	%
Short-Term Instruments‡	10.8	%
United Kingdom	3.8	%
Switzerland	3.4	%
Japan	2.8	%
Australia	2.1	%
China	1.5	%
France	1.4	%
South Africa	1.3	%
Brazil	1.1	%
Spain	1.1	%
Other	6.6	%

Sector Breakdown as of December 31, 2022†§
U.S. Government Agencies	14.6	%
Short-Term Instruments‡	10.8	%
U.S. Treasury Obligations	10.3	%
Health Care	8.9	%
Industrials	8.2	%
Financials	7.0	%
Asset-Backed Securities	6.6	%
Consumer Staples	6.0	%
Real Estate	4.6	%
Non-Agency Mortgage-Backed Securities	4.1	%
Materials	4.1	%
Information Technology	3.1	%
Energy	2.8	%
Utilities	2.7	%
Communication Services	1.4	%
Loan Participations and Assignments	1.4	%
Consumer Discretionary	1.3	%
Banking & Finance	1.1	%
Other	1.0	%

^†  % of Investments, at value.

^§  Geographic and Sector Breakdown and % of Investments exclude securities sold short and financial derivative instruments, if any.

^‡  Includes Central Funds Used for Cash Management Purposes.

12 PIMCO EQUITY SERIES

Institutional Class - PQIIX	I-2 - PQIPX
Class A - PQIZX	Class C - PQICX

Investment Objective and Strategy Overview

PIMCO Dividend and Income Fund seeks to provide current income, and as a secondary objective, seeks to provide long-term capital appreciation, by investing under normal circumstances at least 80% of its assets in a diversified portfolio of income-producing investments, and will typically invest between 35-65% of its assets in equity and equity-related securities (such portion of the Fund’s portfolio, the “Equity Sleeve”) selected in accordance with PIMCO’s systematic equity income strategy. Equity-related securities include securities having an equity component (e.g., hybrids, bank capital, certain real estate investment trusts (“REITs”) and business development companies (“BDCs”)) and equity derivatives. With respect to investments in equity securities, there is no limitation on the market capitalization range of the issuers in which the Fund may invest. The securities for the Equity Sleeve are selected by PIMCO from a broad universe of global equities. The Fund will also typically invest 35-65% of its assets in “Fixed Income Instruments” of varying maturities selected primarily based on their ability to deliver consistent income, subject to prudent risk management. Fixed Income Instruments include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public or private-sector entities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Fund Insights

The following affected performance (on a gross basis) during the reporting period:

Equity Portfolio:

» Overweight exposure and security selection within the energy sector contributed to relative returns, as the sector outperformed the benchmark index and the Fund’s holdings within the energy sector outperformed the benchmark’s holdings within the energy sector.

» Security selection within the financials sector contributed to relative returns, as the Fund’s holdings within the financials sector outperformed the benchmark’s holdings within the financials sector.

» Security selection within the materials sector contributed to relative returns, as the Fund’s holdings within the materials sector outperformed the benchmark’s holdings within the materials sector.

» Overweight exposure to and security selection within the information technology sector contributed to relative returns, as the sector outperformed the benchmark index and the Fund’s holdings within the information technology sector outperformed the benchmark’s holdings within the information technology sector.

» Security selection and currency positioning within the health care sector detracted from relative returns, as the Fund’s holdings and currency exposures within the health care sector underperformed the benchmark’s holdings and currency exposures within the health care sector.

» There were no other material detractors for this Fund.

Tactical Portfolio:

» Exposure to the real estate sector detracted from returns as the sector delivered negative returns.

» There were no material contributors for this Fund.

SEMIANNUAL REPORT DECEMBER 31, 2022 13

PIMCO Dividend and Income Fund (Cont.)

Fixed Income Portfolio:

» Holdings of high yield corporate credit contributed to performance, as United States (“U.S.”) corporate high yield spreads tightened.

» Holdings of investment grade corporate credit contributed to performance, as U.S. corporate investment grade spreads tightened.

» Short exposure to United Kingdom (“U.K.”) duration contributed to performance, as interest rates rose across all tenors of the U.K. sovereign curve.

» Exposure to U.S. duration detracted from performance, as interest rates rose across all tenors of the U.S. sovereign curve.

» Holdings of commercial mortgage backed securities (“MBS”) detracted from performance, as this sector posted negative total returns.

» Holdings of agency MBS detracted from performance, as this sector posted negative total returns.

14 PIMCO EQUITY SERIES

Expense Example

Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and exchange fees and (2) ongoing costs, including investment advisory fees, supervisory and administrative fees, distribution and/or service (12b-1) fees, and other Fund expenses. The Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which for all Funds and share classes is from July 1, 2022 to December 31, 2022 unless noted otherwise in the table and footnotes below.

Actual Expenses

The information in the table under the heading “Actual” provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60), then multiply the result by the number in the appropriate row for your share class, in the column entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) on purchase payments and exchange fees. Therefore, the information under the heading “Hypothetical (5% return before expenses)” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Expense ratios may vary from period to period because of various factors such as an increase in expenses that are not covered by the investment advisory fees and supervisory and administrative fees, such as fees and expenses of the independent trustees and their counsel, extraordinary expenses and interest expense.

	Actual						Hypothetical (5% return before expenses)
	Beginning Account Value (07/01/22)		Ending Account Value (12/31/22)		Expenses Paid During Period*		Beginning Account Value (07/01/22)		Ending Account Value (12/31/22)		Expenses Paid During Period*		Net Annualized Expense Ratio**
Institutional Class	$	1,000.00	$	1,039.70	$	3.74	$	1,000.00	$	1,021.81	$	3.71		0.72	%
I-2		1,000.00		1,039.90		4.26		1,000.00		1,021.30		4.22		0.82
Class A		1,000.00		1,038.90		5.56		1,000.00		1,020.03		5.51		1.07
Class C		1,000.00		1,034.40		9.43		1,000.00		1,016.20		9.35		1.82

* Expenses Paid During Period are equal to the net annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 186/365 (to reflect the one-half year period).

** Net Annualized Expense Ratio is reflective of any applicable contractual fee waivers and/or expense reimbursements or voluntary fee waivers. Details regarding fee waivers, if any, can be found in Note 9, Fees and Expenses, in the Notes to Financial Statements.

SEMIANNUAL REPORT DECEMBER 31, 2022 15

Financial Highlights PIMCO Dividend and Income Fund

				Investment Operations											Less Distributions(c)
Selected Per Share Data for the Year or Period Ended^:	Net Asset Value Beginning of Year or Period(a)			Net Investment Income (Loss)(b)			Net Realized/ Unrealized Gain (Loss)				Total				From Net Investment Income				From Net Realized Capital Gains			Total
Institutional Class
07/01/2022 - 12/31/2022+		$	11.35		$	0.22		$	0.23			$	0.45			$	(0.55	)		$	0.00		$	(0.55	)
06/30/2022			12.72			0.47			(1.42	)			(0.95	)			(0.42	)			0.00			(0.42	)
06/30/2021			9.71			0.44			3.03				3.47				(0.46	)			0.00			(0.46	)
06/30/2020			11.27			0.33			(1.57	)			(1.24	)			(0.32	)			0.00			(0.32	)
06/30/2019			11.54			0.39			(0.18	)			0.21				(0.48	)			0.00			(0.48	)
06/30/2018			11.09			0.36			0.41				0.77				(0.32	)			0.00			(0.32	)
I-2
07/01/2022 - 12/31/2022+			11.37			0.21			0.23				0.44				(0.54	)			0.00			(0.54	)
06/30/2022			12.74			0.48			(1.44	)			(0.96	)			(0.41	)			0.00			(0.41	)
06/30/2021			9.72			0.41			3.06				3.47				(0.45	)			0.00			(0.45	)
06/30/2020			11.29			0.32			(1.58	)			(1.26	)			(0.31	)			0.00			(0.31	)
06/30/2019			11.56			0.38			(0.19	)			0.19				(0.46	)			0.00			(0.46	)
06/30/2018			11.11			0.34			0.42				0.76				(0.31	)			0.00			(0.31	)
Class A
07/01/2022 - 12/31/2022+			11.33			0.20			0.23				0.43				(0.53	)			0.00			(0.53	)
06/30/2022			12.71			0.43			(1.42	)			(0.99	)			(0.39	)			0.00			(0.39	)
06/30/2021			9.70			0.39			3.04				3.43				(0.42	)			0.00			(0.42	)
06/30/2020			11.27			0.29			(1.57	)			(1.28	)			(0.29	)			0.00			(0.29	)
06/30/2019			11.53			0.35			(0.19	)			0.16				(0.42	)			0.00			(0.42	)
06/30/2018			11.08			0.31			0.42				0.73				(0.28	)			0.00			(0.28	)
Class C
07/01/2022 - 12/31/2022+			11.32			0.15			0.24				0.39				(0.49	)			0.00			(0.49	)
06/30/2022			12.72			0.34			(1.43	)			(1.09	)			(0.31	)			0.00			(0.31	)
06/30/2021			9.70			0.27			3.07				3.34				(0.32	)			0.00			(0.32	)
06/30/2020			11.29			0.21			(1.57	)			(1.36	)			(0.23	)			0.00			(0.23	)
06/30/2019			11.48			0.26			(0.18	)			0.08				(0.27	)			0.00			(0.27	)
06/30/2018			11.06			0.22			0.42				0.64				(0.22	)			0.00			(0.22	)

^{^}  A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.

+ Unaudited

* Annualized, except for organizational expense, if any.

^(a)  Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Fund.

^(b)  Per share amounts based on average number of shares outstanding during the year or period.

^(c)  The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

^(d)  Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Fund. Additionally, excludes initial sales charges and contingent deferred sales charges.

^(e)  Effective November 1, 2021, the Fund’s Investment advisory fee was decreased by 0.01% to an annual rate of 0.44%.

^(f)  Effective November 1, 2021, the Class’s Supervisory and Administrative fees was decreased by 0.05% to an annual rate of 0.25%.

^(g)  Effective October 1, 2020, the Fund’s Investment advisory fee was decreased by 0.04% to an annual rate of 0.45%.

^(h)  Effective November 1, 2021, the Class’s Supervisory and Administrative fees was decreased by 0.05% to an annual rate of 0.35%.

16 PIMCO EQUITY SERIES See Accompanying Notes

						Ratios/Supplemental Data
									Ratios to Average Net Assets
Net Asset Value End of Year or Period(a)			Total Return(d)			Net Assets End of Year or Period (000s)			Expenses			Expenses Excluding Waivers			Expenses Excluding Interest Expense			Expenses Excluding Interest Expense and Waivers			Net Investment Income (Loss)			Portfolio Turnover Rate
	$	11.25		3.97	%		$	14,225		0.72	%*		0.73	%*		0.69	%*		0.70	%*		3.76	%*		155	%
		11.35		(7.76	)			12,660		0.71	(e)(f)		0.72	(e)(f)		0.71	(e)(f)		0.72	(e)(f)		3.80			254
		12.72		36.27				32,512		0.79	(g)		0.80	(g)		0.77	(g)		0.78	(g)		3.79			218
		9.71		(11.38	)			16,438		0.83			0.84			0.80			0.81			3.05			158
		11.27		2.06				20,685		0.95			0.96			0.80			0.81			3.48			108
		11.54		6.89				23,027		0.85			0.86			0.80			0.81			3.04			80
		11.27		3.90				15,781		0.82	*		0.83	*		0.79	*		0.80	*		3.63	*		155
		11.37		(7.78	)			17,950		0.81	(e)(h)		0.82	(e)(h)		0.81	(e)(h)		0.82	(e)(h)		3.83			254
		12.74		36.19				19,919		0.89	(g)		0.90	(g)		0.87	(g)		0.88	(g)		3.64			218
		9.72		(11.52	)			19,236		0.93			0.94			0.90			0.91			2.95			158
		11.29		1.91				25,573		1.05			1.06			0.90			0.91			3.40			108
		11.56		6.80				27,286		0.95			0.96			0.90			0.91			2.94			80
		11.23		3.80				120,664		1.07	*		1.08	*		1.04	*		1.05	*		3.40	*		155
		11.33		(8.08	)			120,215		1.06	(e)(h)		1.07	(e)(h)		1.06	(e)(h)		1.07	(e)(h)		3.47			254
		12.71		35.89				136,346		1.14	(g)		1.15	(g)		1.12	(g)		1.13	(g)		3.41			218
		9.70		(11.72	)			96,148		1.18			1.19			1.15			1.16			2.70			158
		11.27		1.61				122,533		1.30			1.31			1.15			1.16			3.13			108
		11.53		6.60				138,561		1.20			1.21			1.15			1.16			2.70			80
		11.22		3.44				15,359		1.82	*		1.83	*		1.79	*		1.80	*		2.66	*		155
		11.32		(8.76	)			15,021		1.81	(e)(h)		1.82	(e)(h)		1.81	(e)(h)		1.82	(e)(h)		2.73			254
		12.72		34.82				18,882		1.89	(g)		1.90	(g)		1.87	(g)		1.88	(g)		2.52			218
		9.70		(12.36	)			46,644		1.93			1.94			1.90			1.91			1.92			158
		11.29		0.87				83,059		2.05			2.06			1.90			1.91			2.34			108
		11.48		5.72				115,183		1.95			1.96			1.90			1.91			1.91			80

SEMIANNUAL REPORT DECEMBER 31, 2022 17

Statement of Assets and Liabilities PIMCO Dividend and Income Fund

(Amounts in thousands†, except per share amounts)
Assets:
Investments, at value
Investments in securities*	$	173,352
Investments in Affiliates		14,965
Financial Derivative Instruments
Exchange-traded or centrally cleared		121
Over the counter		234
Cash		96
Deposits with counterparty		2,273
Foreign currency, at value		653
Receivable for investments sold		1,086
Receivable for investments sold on a delayed-delivery basis		17
Receivable for TBA investments sold		44,702
Receivable for Fund shares sold		731
Interest and/or dividends receivable		1,040
Dividends receivable from Affiliates		52
Reimbursement receivable from PIMCO		3
Total Assets		239,325
Liabilities:
Borrowings & Other Financing Transactions
Payable for short sales	$	1,023
Financial Derivative Instruments
Exchange-traded or centrally cleared		89
Over the counter		578
Payable for investments purchased		4
Payable for investments in Affiliates purchased		52
Payable for TBA investments purchased		70,975
Payable for unfunded loan commitments		15
Deposits from counterparty		211
Payable for Fund shares redeemed		191
Accrued investment advisory fees		66
Accrued supervisory and administrative fees		51
Accrued distribution fees		10
Accrued servicing fees		31
Total Liabilities		73,296
Net Assets	$	166,029
Net Assets Consist of:
Paid in capital	$	260,629
Distributable earnings (accumulated loss)		(94,600	)
Net Assets	$	166,029
Cost of investments in securities	$	177,784
Cost of investments in Affiliates	$	14,956
Cost of foreign currency held	$	660
Proceeds received on short sales	$	1,028
Cost or premiums of financial derivative instruments, net	$	(1,413	)
* Includes repurchase agreements of:	$	1,525

^† A zero balance may reflect actual amounts rounding to less than one thousand.

18 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2022 (Unaudited)

Net Assets:
Institutional Class	$	14,225
I-2		15,781
Class A		120,664
Class C		15,359
Shares Issued and Outstanding:
Institutional Class		1,264
I-2		1,400
Class A		10,744
Class C		1,369
Net Asset Value Per Share Outstanding(a):
Institutional Class	$	11.25
I-2		11.27
Class A		11.23
Class C		11.22

^(a)  Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Fund.

SEMIANNUAL REPORT DECEMBER 31, 2022 19

Statement of Operations PIMCO Dividend and Income Fund

Six Months Ended December 31, 2022 (Unaudited)
(Amounts in thousands†)
Investment Income:
Interest	$	1,480
Dividends, net of foreign taxes*		2,034
Dividends from Investments in Affiliates		193
Total Income		3,707
Expenses:
Investment advisory fees		364
Supervisory and administrative fees		283
Distribution and/or servicing fees - Class A		151
Distribution and/or servicing fees - Class C		75
Trustee fees		6
Interest expense		24
Miscellaneous expense		6
Total Expenses		909
Waiver and/or Reimbursement by PIMCO		(6	)
Net Expenses		903
Net Investment Income (Loss)		2,804
Net Realized Gain (Loss):
Investments in securities		(5,294	)
Investments in Affiliates		(2	)
Exchange-traded or centrally cleared financial derivative instruments		369
Over the counter financial derivative instruments		439
Foreign currency		58
Net Realized Gain (Loss)		(4,430	)
Net Change in Unrealized Appreciation (Depreciation):
Investments in securities		6,671
Investments in Affiliates		16
Exchange-traded or centrally cleared financial derivative instruments		1,104
Over the counter financial derivative instruments		(50	)
Foreign currency assets and liabilities		(43	)
Net Change in Unrealized Appreciation (Depreciation)		7,698
Net Increase (Decrease) in Net Assets Resulting from Operations	$	6,072
* Foreign tax withholdings - Dividends	$	71

^† A zero balance may reflect actual amounts rounding to less than one thousand.

20 PIMCO EQUITY SERIES See Accompanying Notes

Statements of Changes in Net Assets PIMCO Dividend and Income Fund

(Amounts in thousands†)	Six Months Ended December 31, 2022 (Unaudited)			Year Ended June 30, 2022
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	2,804		$	6,725
Net realized gain (loss)		(4,430	)		19,233
Net change in unrealized appreciation (depreciation)		7,698			(41,207	)
Net Increase (Decrease) in Net Assets Resulting from Operations		6,072			(15,249	)
Distributions to Shareholders:
From net investment income and/or net realized capital gains
Institutional Class		(649	)		(894	)
I-2		(741	)		(566	)
Class A		(5,478	)		(4,051	)
Class C		(641	)		(414	)
Total Distributions(a)		(7,509	)		(5,925	)
Fund Share Transactions:
Net increase (decrease) resulting from Fund share transactions*		1,620			(20,639	)
Total Increase (Decrease) in Net Assets		183			(41,813	)
Net Assets:
Beginning of period		165,846			207,659
End of period	$	166,029		$	165,846

^†  A zero balance may reflect actual amounts rounding to less than one thousand.

^*  See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements.

^(a)  The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

SEMIANNUAL REPORT DECEMBER 31, 2022 21

Schedule of Investments PIMCO Dividend and Income Fund

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 104.4%
ASSET-BACKED SECURITIES 7.5%
CAYMAN ISLANDS 0.2%
TruPS Financials Note Securitization Ltd.
6.316% due 09/20/2039 •	$		273	$		259
Total Cayman Islands						259
UNITED STATES 7.3%
Bear Stearns Asset-Backed Securities Trust
5.119% due 12/25/2034 •			923			888
Citigroup Mortgage Loan Trust
5.019% due 02/25/2035 •			1,020			942
Conseco Finance Corp.
6.280% due 09/01/2030			25			26
Credit Suisse First Boston Mortgage Securities Corp.
4.598% due 01/25/2032 •			484			460
EMC Mortgage Loan Trust
5.689% due 02/25/2041 •			21			20
Home Equity Asset Trust
4.859% due 01/25/2036 •			131			123
LCCM Trust
5.768% due 11/15/2038 ~			1,000			961
Morgan Stanley Home Equity Loan Trust
4.489% due 12/25/2036 •			1,397			709
Navient Student Loan Trust
5.439% due 12/27/2066 •			412			405
Option One Mortgage Loan Trust
4.609% due 04/25/2037 ~			1,968			1,438
Residential Asset Mortgage Products Trust
4.091% due 05/25/2035 •			1,000			935
Residential Asset Securities Corp. Trust
4.471% due 01/25/2034 ~			329			325
SLM Private Credit Student Loan Trust
5.099% due 06/15/2039 ~			936			889
SMB Private Education Loan Trust
4.668% due 02/16/2055 •			816			792
Soundview Home Loan Trust
4.794% due 12/25/2036 ~			1,000			966
5.389% due 09/25/2037 •			1,911			1,337
Structured Asset Investment Loan Trust
4.539% due 09/25/2036 •			535			513
Upstart Securitization Trust
1.310% due 11/20/2031			455			436
Total United States						12,165
Total Asset-Backed Securities (Cost $13,382)						12,424

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
LOAN PARTICIPATIONS AND ASSIGNMENTS 1.6%
LUXEMBOURG 0.1%
Intelsat Jackson Holdings SA
7.445% due 02/01/2029	$		54	$		53
Total Luxembourg						53
PANAMA 0.2%
Carnival Corp.
7.384% (LIBOR01M + 3.000%) due 06/30/2025 ~			395			380
Total Panama						380
UNITED KINGDOM 0.2%
Softbank Vision Fund
5.000% due 12/21/2025 «			375			360
Total United Kingdom						360
UNITED STATES 1.1%
AmSurg LLC
TBD% due 04/29/2027 µ			15			15
Avolon TLB Borrower 1 (U.S.) LLC
5.853% (LIBOR01M + 1.500%) due 02/12/2027 ~			7			7
Emerald TopCo, Inc.
7.884% (LIBOR01M + 3.500%) due 07/24/2026 ~			3			3
Envision Healthcare Corp.
12.119% due 04/29/2027			85			83
15.744% due 04/28/2028			146			120
Hilton Worldwide Finance LLC
6.173% (LIBOR01M + 1.750%) due 06/22/2026 ~			230			229
Lealand Finance Co. BV
7.384% (LIBOR01M + 3.000%) due 06/28/2024 ~			1			1
Lealand Finance Co. BV (5.384% Cash and 3.000% PIK)
8.384% (LIBOR01M + 1.000%) due 06/30/2025 ~(b)			3			1
PUG LLC
7.884% (LIBOR01M + 3.500%) due 02/12/2027 ~			4			3
Sotera Health Holdings LLC
7.165% (LIBOR03M + 2.750%) due 12/11/2026 ~			525			487
Syniverse Holdings, Inc.
11.580% due 05/13/2027			8			7

22 PIMCO EQUITY SERIES See Accompanying Notes

(Unaudited)

December 31, 2022

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Uber Technologies, Inc.
8.235% (LIBOR03M + 3.500%) due 02/25/2027 ~	$		887	$		886
Westmoreland Mining Holdings LLC (15.000% PIK)
15.000% due 03/15/2029 (b)			5			4
Total United States						1,846
Total Loan Participations and Assignments (Cost $2,794)						2,639
		SHARES
COMMON STOCKS 46.0%
AUSTRALIA 2.4%
INDUSTRIALS 0.2%
Aurizon Holdings Ltd.			47,768			121
Brambles Ltd.			24,606			202
						323
MATERIALS 2.2%
BHP Group Ltd.			71,090			2,202
Fortescue Metals Group Ltd.			45,159			631
Rio Tinto Ltd.			9,899			781
						3,614
Total Australia						3,937
BELGIUM 0.2%
FINANCIALS 0.1%
Ageas SA			5,217			232
UTILITIES 0.1%
Elia Group SA			754			107
Total Belgium						339
BRAZIL 0.8%
COMMUNICATION SERVICES 0.1%
Telefonica Brasil SA			13,200			96
CONSUMER STAPLES 0.2%
Ambev SA			125,200			342
ENERGY 0.2%
Petroleo Brasileiro SA			61,100			324

	SHARES			MARKET VALUE (000S)
FINANCIALS 0.1%
Banco do Brasil SA		22,000	$		142
MATERIALS 0.2%
Vale SA		28,200			478
Total Brazil					1,382
CANADA 0.3%
CONSUMER STAPLES 0.1%
George Weston Ltd.		930			116
FINANCIALS 0.2%
Manulife Financial Corp.		17,897			319
Total Canada					435
CHINA 1.7%
COMMUNICATION SERVICES 0.1%
China Tower Corp. Ltd. ‘H’		1,118,000			120
ENERGY 0.2%
China Shenhua Energy Co. Ltd. ‘H’		89,000			256
Yankuang Energy Group Co. Ltd. ‘H’		40,000			122
					378
FINANCIALS 1.3%
China Construction Bank Corp. ‘H’		1,580,000			988
Industrial & Commercial Bank of China Ltd. ‘H’		1,486,000			762
PICC Property & Casualty Co. Ltd. ‘H’		176,000			167
Postal Savings Bank of China Co. Ltd. ‘H’		209,000			129
					2,046
INDUSTRIALS 0.1%
CITIC Ltd.		126,000			133
COSCO SHIPPING Holdings Co. Ltd. ‘H’		81,000			82
					215
Total China					2,759

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2022 23

Schedule of Investments PIMCO Dividend and Income Fund (Cont.)

	SHARES			MARKET VALUE (000S)
CZECH REPUBLIC 0.1%
UTILITIES 0.1%
CEZ AS		4,426	$		151
Total Czech Republic					151
DENMARK 0.3%
INDUSTRIALS 0.3%
AP Moller - Maersk AS ‘A’		82			181
AP Moller - Maersk AS ‘B’		131			293
					474
Total Denmark					474
FINLAND 0.1%
HEALTH CARE 0.1%
Orion Oyj ‘B’		2,844			156
Total Finland					156
FRANCE 1.6%
CONSUMER STAPLES 0.1%
Danone SA		2,242			118
ENERGY 0.3%
TotalEnergies SE		7,049			443
FINANCIALS 0.4%
Amundi SA		2,063			117
AXA SA		19,148			533
					650
HEALTH CARE 0.4%
Sanofi		7,735			746
INDUSTRIALS 0.4%
Bouygues SA		5,447			163
Eiffage SA		2,204			217
Thales SA		2,833			362
					742
Total France					2,699

	SHARES			MARKET VALUE (000S)
GREECE 0.1%
CONSUMER DISCRETIONARY 0.1%
OPAP SA		8,207	$		116
Total Greece					116
HONG KONG 0.2%
INDUSTRIALS 0.0%
SITC International Holdings Co. Ltd.		35,000			78
REAL ESTATE 0.2%
CK Asset Holdings Ltd.		53,000			325
Total Hong Kong					403
INDONESIA 0.4%
COMMUNICATION SERVICES 0.1%
Telkom Indonesia Persero Tbk PT		1,158,000			279
CONSUMER DISCRETIONARY 0.1%
Astra International Tbk PT		534,400			195
ENERGY 0.1%
Adaro Energy Indonesia Tbk PT		419,500			104
FINANCIALS 0.1%
Bank Mandiri Persero Tbk PT		206,700			132
Total Indonesia					710
ISRAEL 0.0%
INDUSTRIALS 0.0%
ZIM Integrated Shipping Services Ltd.		2,133			37
Total Israel					37
ITALY 0.1%
UTILITIES 0.1%
Snam SpA		52,586			255
Total Italy					255

24 PIMCO EQUITY SERIES See Accompanying Notes

(Unaudited)

December 31, 2022

	SHARES			MARKET VALUE (000S)
JAPAN 2.6%
COMMUNICATION SERVICES 0.4%
KDDI Corp.		16,300	$		494
Nippon Telegraph & Telephone Corp.		5,700			163
					657
CONSUMER STAPLES 0.5%
Japan Tobacco, Inc.		31,700			639
MEIJI Holdings Co. Ltd.		2,900			149
					788
HEALTH CARE 0.5%
Astellas Pharma, Inc.		29,100			443
Chugai Pharmaceutical Co. Ltd.		13,100			334
					777
INDUSTRIALS 0.9%
ITOCHU Corp.		31,400			985
Mitsubishi Corp.		5,900			191
Nippon Yusen KK		12,800			302
					1,478
MATERIALS 0.1%
Nitto Denko Corp.		3,600			207
UTILITIES 0.2%
Osaka Gas Co. Ltd.		9,800			158
Tokyo Gas Co. Ltd.		10,400			203
					361
Total Japan					4,268
LUXEMBOURG 0.0%
FINANCIALS 0.0%
Intelsat SA «(d)(k)		2,886			69
Total Luxembourg					69
MEXICO 0.0%
CONSUMER DISCRETIONARY 0.0%
Desarrolladora Homex SAB de CV (d)		41,996			0
Total Mexico					0

	SHARES			MARKET VALUE (000S)
NETHERLANDS 0.7%
CONSUMER STAPLES 0.4%
Koninklijke Ahold Delhaize NV		23,971	$		689
FINANCIALS 0.2%
NN Group NV		7,438			304
MATERIALS 0.1%
OCI NV		2,881			103
Total Netherlands					1,096
NORWAY 0.2%
COMMUNICATION SERVICES 0.1%
Telenor ASA		18,309			171
MATERIALS 0.1%
Yara International ASA		2,568			113
Total Norway					284
POLAND 0.1%
ENERGY 0.1%
Polski Koncern Naftowy ORLEN SA		17,032			250
Total Poland					250
PORTUGAL 0.3%
CONSUMER STAPLES 0.1%
Jeronimo Martins SGPS SA		7,450			161
UTILITIES 0.2%
EDP - Energias de Portugal SA		72,885			363
Total Portugal					524
SOUTH AFRICA 1.0%
COMMUNICATION SERVICES 0.3%
MTN Group Ltd.		45,276			338
Vodacom Group Ltd.		17,155			124
					462
ENERGY 0.1%
Exxaro Resources Ltd.		8,717			112

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2022 25

Schedule of Investments PIMCO Dividend and Income Fund (Cont.)

	SHARES			MARKET VALUE (000S)
FINANCIALS 0.4%
Absa Group Ltd.		22,256	$		253
FirstRand Ltd.		134,787			489
					742
MATERIALS 0.2%
Anglo American Platinum Ltd.		1,236			103
Impala Platinum Holdings Ltd.		22,712			286
					389
Total South Africa					1,705
SOUTH KOREA 0.4%
CONSUMER DISCRETIONARY 0.2%
Kia Corp.		6,993			329
CONSUMER STAPLES 0.1%
KT&G Corp.		2,889			209
FINANCIALS 0.1%
Samsung Fire & Marine Insurance Co. Ltd.		817			129
Total South Korea					667
SPAIN 1.3%
CONSUMER DISCRETIONARY 0.2%
Industria de Diseno Textil SA		13,350			355
FINANCIALS 0.6%
Banco Bilbao Vizcaya Argentaria SA		161,757			974
UTILITIES 0.5%
Enagas SA		6,496			108
Endesa SA		8,172			154
Iberdrola SA		29,975			350
Red Electrica Corp. SA		10,695			186
					798
Total Spain					2,127

	SHARES			MARKET VALUE (000S)
SWEDEN 0.1%
COMMUNICATION SERVICES 0.1%
Tele2 AB ‘B’		15,203	$		124
Total Sweden					124
SWITZERLAND 3.6%
CONSUMER DISCRETIONARY 0.1%
Garmin Ltd.		1,871			172
CONSUMER STAPLES 0.2%
Coca-Cola HBC AG		5,381			127
Nestle SA		2,004			232
					359
HEALTH CARE 3.0%
Novartis AG		26,291			2,379
Roche Holding AG		8,153			2,614
					4,993
INDUSTRIALS 0.2%
Kuehne & Nagel International AG		1,436			334
INFORMATION TECHNOLOGY 0.1%
STMicroelectronics NV		3,060			109
Total Switzerland					5,967
TAIWAN 0.9%
INFORMATION TECHNOLOGY 0.9%
Largan Precision Co. Ltd.		2,000			132
Lite-On Technology Corp.		55,000			114
MediaTek, Inc.		29,000			587
Realtek Semiconductor Corp.		12,000			109
Unimicron Technology Corp.		33,000			128
United Microelectronics Corp.		316,000			415
					1,485
Total Taiwan					1,485

26 PIMCO EQUITY SERIES See Accompanying Notes

(Unaudited)

December 31, 2022

	SHARES			MARKET VALUE (000S)
TURKEY 0.1%
CONSUMER STAPLES 0.1%
BIM Birlesik Magazalar AS		17,876	$		131
Total Turkey					131
UNITED KINGDOM 3.1%
CONSUMER STAPLES 0.6%
British American Tobacco PLC		11,413			451
Imperial Brands PLC		24,109			601
					1,052
ENERGY 0.0%
Noble Corp. PLC (d)		1,297			49
FINANCIALS 0.2%
3i Group PLC		25,508			411
HEALTH CARE 0.5%
GSK PLC		43,015			743
INDUSTRIALS 0.5%
BAE Systems PLC		77,320			799
MATERIALS 1.3%
Anglo American PLC		10,033			393
Rio Tinto PLC		24,935			1,755
					2,148
Total United Kingdom					5,202
UNITED STATES 23.3%
COMMUNICATION SERVICES 0.4%
AT&T, Inc.		34,514			636
Clear Channel Outdoor Holdings, Inc. (d)		29,821			31
iHeartMedia, Inc. ‘A’ (d)		6,979			43
iHeartMedia, Inc. ‘B’ «(d)		5,486			30
					740
CONSUMER DISCRETIONARY 0.9%
Darden Restaurants, Inc.		3,264			451
Genuine Parts Co.		763			132
LKQ Corp.		6,942			371

	SHARES			MARKET VALUE (000S)
McDonald’s Corp.		1,722	$		454
					1,408
CONSUMER STAPLES 4.5%
Altria Group, Inc.		47,896			2,190
Coca-Cola Co.		6,086			387
Kimberly-Clark Corp.		1,069			145
Kroger Co.		3,606			161
PepsiCo, Inc.		1,027			186
Philip Morris International, Inc.		24,614			2,491
Procter & Gamble Co.		11,199			1,697
Tyson Foods, Inc. ‘A’		3,024			188
					7,445
ENERGY 2.2%
Chevron Corp.		1,569			281
Exxon Mobil Corp.		12,374			1,365
Marathon Oil Corp.		6,451			175
Marathon Petroleum Corp.		13,279			1,545
Valero Energy Corp.		2,568			326
					3,692
FINANCIALS 4.1%
Aflac, Inc.		15,987			1,150
American International Group, Inc.		20,250			1,281
Ameriprise Financial, Inc.		2,637			821
Fifth Third Bancorp		4,470			147
Hartford Financial Services Group, Inc.		8,605			652
KeyCorp		24,607			429
MetLife, Inc.		3,992			289
Principal Financial Group, Inc.		6,637			557
Regions Financial Corp.		24,784			534
Synchrony Financial		12,829			422
U.S. Bancorp		11,610			506
					6,788
HEALTH CARE 5.6%
AbbVie, Inc.		4,333			700
Amgen, Inc.		768			202
CVS Health Corp.		3,958			369
Elevance Health, Inc.		230			118
Johnson & Johnson		16,605			2,933

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2022 27

Schedule of Investments PIMCO Dividend and Income Fund (Cont.)

		SHARES			MARKET VALUE (000S)
Merck & Co., Inc.			21,824	$		2,421
Pfizer, Inc.			49,719			2,548
						9,291
INDUSTRIALS 2.5%
General Dynamics Corp.			6,172			1,531
Lockheed Martin Corp.			4,290			2,087
Neiman Marcus Group Ltd. LLC «(d)(k)			1,124			198
Textron, Inc.			5,633			399
Westmoreland Mining Holdings «(d)(k)			53			0
						4,215
INFORMATION TECHNOLOGY 2.6%
Apple, Inc.			5,487			713
Broadcom, Inc.			2,329			1,302
Cisco Systems, Inc.			42,446			2,022
Microsoft Corp.			462			111
NetApp, Inc.			1,623			98
						4,246
MATERIALS 0.4%
CF Industries Holdings, Inc.			1,127			96
Dow, Inc.			5,206			262
LyondellBasell Industries NV ‘A’			3,256			271
						629
UTILITIES 0.1%
NRG Energy, Inc.			6,239			198
Total United States						38,652
Total Common Stocks (Cost $73,438)						76,404
		PRINCIPAL AMOUNT (000S)
CORPORATE BONDS & NOTES 6.4%
AUSTRIA 0.4%
BANKING & FINANCE 0.4%
Erste Group Bank AG
6.500% due 04/15/2024 •(i)(j)	EUR		600			628
Total Austria						628

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
BERMUDA 0.2%
INDUSTRIALS 0.2%
Valaris Ltd. (8.250% Cash or 12.000% PIK)
8.250% due 04/30/2028 (b)	$		1	$		1
Viking Ocean Cruises Ship Ltd.
5.625% due 02/15/2029			300			242
						243
Total Bermuda						243
BRAZIL 0.0%
INDUSTRIALS 0.0%
Odebrecht Oil & Gas Finance Ltd.
0.000% due 01/30/2023 (f)(i)			46			0
Total Brazil						0
CAYMAN ISLANDS 0.2%
BANKING & FINANCE 0.0%
Park Aerospace Holdings Ltd.
4.500% due 03/15/2023			21			21
5.500% due 02/15/2024			3			3
						24
INDUSTRIALS 0.2%
MGM China Holdings Ltd.
4.750% due 02/01/2027			253			224
Noble Corp. PLC (11.000% Cash or 15.000% PIK)
11.000% due 02/15/2028 (b)			5			6
						230
UTILITIES 0.0%
Odebrecht Drilling Norbe Ltd. (6.350% Cash and 1.000% PIK)
7.350% due 12/01/2026 ^(b)			103			57
Total Cayman Islands						311
HONG KONG 0.1%
BANKING & FINANCE 0.1%
Huarong Finance Co. Ltd.
3.875% due 11/13/2029			265			210
Total Hong Kong						210
IRELAND 0.1%
INDUSTRIALS 0.1%
Russian Railways Via RZD Capital PLC
7.487% due 03/25/2031 ^(c)	GBP		300			196
Total Ireland						196

28 PIMCO EQUITY SERIES See Accompanying Notes

(Unaudited)

December 31, 2022

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
ITALY 0.2%
BANKING & FINANCE 0.2%
UniCredit SpA
7.830% due 12/04/2023	$		370	$		374
Total Italy						374
JAPAN 0.4%
INDUSTRIALS 0.4%
Nissan Motor Co. Ltd.
4.810% due 09/17/2030			868			738
Total Japan						738
LUXEMBOURG 0.1%
INDUSTRIALS 0.1%
Intelsat Jackson Holdings SA
6.500% due 03/15/2030			208			186
Total Luxembourg						186
PERU 0.0%
BANKING & FINANCE 0.0%
Banco de Credito del Peru SA
4.650% due 09/17/2024	PEN		100			25
Total Peru						25
SWITZERLAND 0.2%
BANKING & FINANCE 0.2%
Credit Suisse Group AG
7.500% due 12/11/2023 •(i)(j)	$		365			320
Total Switzerland						320
UNITED KINGDOM 0.2%
INDUSTRIALS 0.2%
Market Bidco Finco PLC
4.750% due 11/04/2027	EUR		100			86
Marston’s Issuer PLC
5.549% (SONIO/N + 2.669%) due 07/16/2035 ~	GBP		200			180
Mitchells & Butlers Finance PLC
3.972% (SONIO/N + 0.569%) due 12/15/2030 ~			84			92
						358
Total United Kingdom						358

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
UNITED STATES 4.0%
BANKING & FINANCE 0.2%
EPR Properties
4.750% due 12/15/2026	$		2	$		2
4.950% due 04/15/2028			2			2
GLP Capital LP
5.250% due 06/01/2025			3			3
5.300% due 01/15/2029			19			18
Omega Healthcare Investors, Inc.
3.625% due 10/01/2029			8			7
VICI Properties LP
4.625% due 06/15/2025			237			227
						259
INDUSTRIALS 2.5%
American Airlines Pass-Through Trust
3.350% due 04/15/2031			8			7
2.875% due 01/11/2036			482			389
Boeing Co.
6.125% due 02/15/2033			400			408
Carvana Co.
5.500% due 04/15/2027			230			91
10.250% due 05/01/2030			200			94
Community Health Systems, Inc.
8.000% due 03/15/2026			184			168
CVS Pass-Through Trust
8.353% due 07/10/2031			383			419
DISH DBS Corp.
5.250% due 12/01/2026			490			414
Energy Transfer LP
4.950% due 05/15/2028			4			4
Exela Intermediate LLC
11.500% due 07/15/2026			12			2
Hyatt Hotels Corp.
4.850% due 03/15/2026			900			886
Prime Healthcare Services, Inc.
7.250% due 11/01/2025			1,208			1,023
RegionalCare Hospital Partners Holdings, Inc.
9.750% due 12/01/2026			230			186
Topaz Solar Farms LLC
5.750% due 09/30/2039			67			64
4.875% due 09/30/2039			9			8
U.S. Renal Care, Inc.
10.625% due 07/15/2027			6			1
Western Midstream Operating LP
5.041% (US0003M + 1.850%) due 01/13/2023 ~			4			4
						4,168

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2022 29

Schedule of Investments PIMCO Dividend and Income Fund (Cont.)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
UTILITIES 1.3%
Pacific Gas & Electric Co.
3.750% due 08/15/2042	$		2	$		1
2.950% due 03/01/2026			53			49
3.250% due 06/15/2023			23			23
3.400% due 08/15/2024			35			34
4.000% due 12/01/2046			2			1
3.300% due 03/15/2027			20			18
3.750% due 07/01/2028			110			98
4.950% due 07/01/2050			805			627
4.200% due 03/01/2029			200			179
4.600% due 06/15/2043			210			159
4.750% due 02/15/2044			120			92
3.250% due 06/01/2031			559			456
4.500% due 12/15/2041			2			1
4.250% due 03/15/2046			4			3
Sprint LLC
7.625% due 03/01/2026			7			7
7.125% due 06/15/2024			435			444
						2,192
Total United States						6,619
VENEZUELA 0.0%
INDUSTRIALS 0.0%
Petroleos de Venezuela SA
6.000% due 11/15/2026 ^(c)			300			15
6.000% due 05/16/2024 ^(c)			20			1
9.750% due 05/17/2035 ^(c)			20			1
						17
Total Venezuela						17
VIRGIN ISLANDS (BRITISH) 0.3%
INDUSTRIALS 0.3%
Studio City Finance Ltd.
5.000% due 01/15/2029			550			407
Total Virgin Islands (British)						407
Total Corporate Bonds & Notes (Cost $13,232)						10,632
NON-AGENCY MORTGAGE-BACKED SECURITIES 4.6%
IRELAND 0.4%
Kinbane DAC
2.744% due 09/25/2062 ~	EUR		645			660
Total Ireland						660

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
UNITED KINGDOM 0.6%
Eurosail PLC
4.211% due 09/13/2045 •	GBP		316	$		368
4.461% due 06/13/2045 ~			331			395
4.461% due 06/13/2045 •			75			89
Grifonas Finance PLC
1.264% due 08/28/2039 ~	EUR		195			190
Total United Kingdom						1,042
UNITED STATES 3.6%
Banc of America Alternative Loan Trust
6.000% due 07/25/2046 ^	$		44			36
Banc of America Funding Trust
3.473% due 05/20/2036 ^~			6			5
Banc of America Mortgage Trust
3.619% due 11/20/2046 ^~			3			3
6.000% due 10/25/2036 ^			9			7
Bear Stearns Mortgage Funding Trust
7.500% due 08/25/2036 þ			11			11
Benchmark Mortgage Trust
3.509% due 09/15/2048 ~			865			718
Chase Mortgage Finance Trust
3.601% due 09/25/2036 ^~			20			16
Countrywide Alternative Loan Trust
6.000% due 06/25/2036 ^			83			50
6.000% due 02/25/2037 ^			50			19
6.250% due 12/25/2036 ^•			20			9
Countrywide Home Loan Mortgage Pass-Through Trust
4.889% due 07/25/2037 ^•			14			4
Credit Suisse First Boston Mortgage Securities Corp.
6.000% due 01/25/2036 ^			28			18
Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates
6.000% due 11/25/2035 ^			309			92
Credit Suisse Mortgage Capital Certificates
3.176% due 12/29/2037 ~			107			69
DBGS Mortgage Trust
6.968% due 10/15/2036 ~			900			774
First Horizon Alternative Mortgage Securities Trust
4.435% due 06/25/2036 ^~			132			106
HSI Asset Loan Obligation Trust
6.000% due 06/25/2037 ^			2			2
JP Morgan Alternative Loan Trust
5.843% due 05/26/2037 ~			41			32
JP Morgan Chase Commercial Mortgage Securities Trust
6.833% due 11/15/2038 •			967			898
JP Morgan Mortgage Trust
6.500% due 07/25/2036 ^			81			36

30 PIMCO EQUITY SERIES See Accompanying Notes

(Unaudited)

December 31, 2022

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Legacy Mortgage Asset Trust
6.139% due 01/28/2070 •	$		217	$		217
Merrill Lynch Mortgage Investors Trust
2.736% due 03/25/2036 ^~			9			5
Morgan Stanley Capital Trust
6.268% due 07/15/2035 •			977			940
OBX Trust
5.239% due 04/25/2048 •			31			31
Residential Accredit Loans, Inc. Trust
5.189% due 10/25/2045 ~			45			37
5.500% due 03/25/2037 ^			222			172
6.250% due 03/25/2037 ^			19			14
Structured Adjustable Rate Mortgage Loan Trust
3.658% due 10/25/2036 ^~			1,228			726
Wells Fargo Alternative Loan Trust
3.563% due 07/25/2037 ^~			425			373
Wells Fargo Commercial Mortgage Trust
3.412% due 09/15/2058			582			565
Total United States						5,985
Total Non-Agency Mortgage-Backed Securities (Cost $8,564)						7,687
MUNICIPAL BONDS & NOTES 0.1%
ILLINOIS 0.0%
Illinois State General Obligation Bonds, (BABs), Series 2010
6.630% due 02/01/2035			15			15
7.350% due 07/01/2035			5			5
Total Illinois						20
PUERTO RICO 0.1%
Commonwealth of Puerto Rico Bonds, Series 2022
0.000% due 11/01/2043 (f)			42			18
Puerto Rico Electric Power Authority Revenue Bonds, (BABs), Series 2010
6.125% due 07/01/2040 ^(c)			100			73
Total Puerto Rico						91
Total Municipal Bonds & Notes (Cost $75)						111
		SHARES
PREFERRED STOCKS 0.5%
BRAZIL 0.4%
INDUSTRIALS 0.1%
Gerdau SA			29,700			163
UTILITIES 0.3%
Petroleo Brasileiro SA			125,800			584
Total Brazil						747

	SHARES			MARKET VALUE (000S)
UNITED KINGDOM 0.1%
BANKING & FINANCE 0.1%
Nationwide Building Society
10.250% ~		1,130	$		171
Total United Kingdom					171
Total Preferred Stocks (Cost $1,013)					918
REAL ESTATE INVESTMENT TRUSTS 5.2%
UNITED STATES 5.2%
FINANCIALS 0.2%
Annaly Capital Mangaement, Inc.		11,400			240
REAL ESTATE 5.0%
Apartment Income REIT Corp.		13,269			455
Apple Hospitality REIT, Inc.		24,022			379
Boston Properties, Inc.		5,423			367
CBL & Associates Properties, Inc.		39			1
Cousins Properties, Inc.		8,195			207
Digital Realty Trust, Inc.		2,225			223
EPR Properties		5,931			224
Equity Residential		3,868			228
Gaming & Leisure Properties, Inc.		13,005			677
Healthcare Realty Trust, Inc.		20,480			395
Healthpeak Properties, Inc.		15,418			387
Highwoods Properties, Inc.		5,799			162
Hudson Pacific Properties, Inc.		39,047			380
Macerich Co.		16,310			184
National Storage Affiliates Trust		9,460			342
Physicians Realty Trust		16,126			233
Piedmont Office Realty Trust, Inc. ‘A’		17,471			160
Simon Property Group, Inc.		6,465			760
SITE Centers Corp.		29,888			408
Spirit Realty Capital, Inc.		9,875			394
Uniti Group, Inc.		32			0
Ventas, Inc.		3,533			159
VICI Properties, Inc.		34,484			1,118
Weyerhaeuser Co.		3,925			122
WP Carey, Inc.		5,022			392
					8,357
Total Real Estate Investment Trusts (Cost $9,203)					8,597

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2022 31

Schedule of Investments PIMCO Dividend and Income Fund (Cont.)

		SHARES			MARKET VALUE (000S)
RIGHTS 0.0%
LUXEMBOURG 0.0%
FINANCIALS 0.0%
Intelsat Jackson Holdings SA «(d)			348	$		2
Total Rights (Cost $0)						2
		PRINCIPAL AMOUNT (000S)
SOVEREIGN ISSUES 1.1%
ARGENTINA 0.2%
Argentina Government International Bond
0.500% due 07/09/2030 þ			299			77
1.000% due 07/09/2029			31			8
1.500% due 07/09/2035 þ			373			89
3.500% due 07/09/2041 þ			196			56
3.875% due 01/09/2038 þ			269			86
15.500% due 10/17/2026	ARS		1,226			1
Autonomous City of Buenos Aires
72.479% (BADLARPP + 3.250%) due 03/29/2024 ~			3,481			11
Provincia de Buenos Aires
72.913% due 04/12/2025			389			1
Total Argentina						329
JAPAN 0.2%
Japan Government International Bond
0.100% due 03/01/2023	JPY		37,000			282
Total Japan						282
PERU 0.1%
Peru Government International Bond
5.940% due 02/12/2029	PEN		95			23
6.150% due 08/12/2032			10			2
6.350% due 08/12/2028			233			59
6.900% due 08/12/2037			5			1
6.950% due 08/12/2031			5			1
8.200% due 08/12/2026			189			52
Total Peru						138
SOUTH AFRICA 0.4%
South Africa Government International Bond
10.500% due 12/21/2026	ZAR		10,200			635
Total South Africa						635

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
TURKEY 0.2%
Turkey Government International Bond
4.250% due 03/13/2025	$		200	$		187
5.250% due 03/13/2030			200			162
Total Turkey						349
UNITED KINGDOM 0.0%
United Kingdom Gilt
1.250% due 07/31/2051	GBP		20			13
1.500% due 07/22/2047			10			7
1.750% due 01/22/2049			20			16
3.250% due 01/22/2044			20			22
3.500% due 01/22/2045			20			22
Total United Kingdom						80
VENEZUELA 0.0%
Venezuela Government International Bond
7.000% due 03/31/2038 ^(c)	$		2			0
7.650% due 04/21/2025 ^(c)			3			0
9.250% due 09/15/2027 ^(c)			44			4
Total Venezuela						4
Total Sovereign Issues (Cost $2,336)						1,817
U.S. GOVERNMENT AGENCIES 16.5%
UNITED STATES 16.5%
Ginnie Mae, TBA
3.500% due 02/01/2053			100			92
4.500% due 01/01/2053			300			291
Uniform Mortgage-Backed Security
3.000% due 11/01/2029 - 03/01/2050			53			48
3.500% due 02/01/2050			32			29
Uniform Mortgage-Backed Security, TBA
2.500% due 12/01/2051			100			85
3.000% due 02/01/2053			5,400			4,744
3.500% due 02/01/2053			4,100			3,728
4.000% due 01/01/2053 - 03/01/2053			9,000			8,446
4.500% due 02/01/2053			4,200			4,043
5.000% due 01/01/2053 - 02/01/2053			1,300			1,281
5.500% due 02/01/2053			1,000			1,002
6.000% due 01/01/2053 - 02/01/2053			3,600			3,651
Total U.S. Government Agencies (Cost $27,707)						27,440

32 PIMCO EQUITY SERIES See Accompanying Notes

(Unaudited)

December 31, 2022

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
U.S. TREASURY OBLIGATIONS 11.7%
UNITED STATES 11.7%
U.S. Treasury Bonds
2.875% due 11/15/2046	$		600	$		481
3.000% due 02/15/2049			1,133			934
U.S. Treasury Inflation Protected Securities (h)
0.125% due 07/15/2024			979			947
0.125% due 10/15/2024			790			761
0.125% due 07/15/2030			325			292
0.125% due 07/15/2031			2,368			2,094
0.125% due 02/15/2051			343			222
0.250% due 07/15/2029 (n)			836			766
0.375% due 07/15/2023			1,165			1,152
0.375% due 01/15/2027			39			37
0.375% due 07/15/2027			12			11
0.500% due 04/15/2024			957			931
0.625% due 01/15/2024			971			950
0.625% due 07/15/2032			615			564
0.750% due 07/15/2028			249			238
0.875% due 01/15/2029			410			390
1.000% due 02/15/2048			121			102
1.000% due 02/15/2049			118			99
U.S. Treasury Notes
0.125% due 04/30/2023 (n)			4,000			3,945
2.375% due 03/31/2029 (p)			2,800			2,546
2.750% due 08/15/2032			1,100			1,002
2.875% due 05/15/2032			100			92
4.000% due 10/31/2029 (p)			800			801
Total U.S. Treasury Obligations (Cost $20,877)						19,357
		SHARES
WARRANTS 0.0%
LUXEMBOURG 0.0%
FINANCIALS 0.0%
Intelsat Emergence SA - Exp. 02/17/2027 «			132			0
Intelsat Jackson Holdings SA-Exp. 12/05/2025 «			296			2
						2
Total Luxembourg						2
UNITED STATES 0.0%
INFORMATION TECHNOLOGY 0.0%
Windstream Holdings LLC - Exp. 9/21/2055 «			40			1
Total United States						1
Total Warrants (Cost $53)						3

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 3.2%
REPURCHASE AGREEMENTS (l) 0.9%
				$		1,525
ARGENTINA TREASURY BILLS 0.0%
20.541% due 05/19/2023 (f)(g)(h)	ARS		12,723			39
JAPAN TREASURY BILLS 2.3%
(0.150)% due 01/06/2023 - 03/20/2023 (e)(f)	JPY		493,000			3,757
Total Short-Term Instruments (Cost $5,110)						5,321
Total Investments in Securities (Cost $177,784)						173,352
		SHARES
INVESTMENTS IN AFFILIATES 9.0%
SHORT-TERM INSTRUMENTS 9.0%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.0%
PIMCO Short-Term Floating NAV Portfolio III			1,540,229			14,965
Total Short-Term Instruments (Cost $14,956)						14,965
Total Investments in Affiliates (Cost $14,956)						14,965
Total Investments 113.4% (Cost $192,740)				$		188,317
Financial Derivative Instruments (m)(o) (0.2)% (Cost or Premiums, net $(1,413))						(312	)
Other Assets and Liabilities, net (13.2)%						(21,976	)
Net Assets 100.0%				$		166,029

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2022 33

Schedule of Investments PIMCO Dividend and Income Fund (Cont.)

NOTES TO SCHEDULE OF INVESTMENTS:

* A zero balance may reflect actual amounts rounding to less than one thousand.

^ Security is in default.

« Security valued using significant unobservable inputs (Level 3).

µ All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.

~ Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) Security is an Interest Only (“IO”) or IO Strip.

(b) Payment in-kind security.

(c) Security is not accruing income as of the date of this report.

(d) Security did not produce income within the last twelve months.

(e) Coupon represents a weighted average yield to maturity.

(f) Zero coupon security.

(g) Coupon represents a yield to maturity.

(h) Principal amount of security is adjusted for inflation.

(i) Perpetual maturity; date shown, if applicable, represents next contractual call date.

(j) Contingent convertible security.

(k)  RESTRICTED SECURITIES:

Issuer Description	Acquisition Date		Cost		Market Value		Market Value as Percentage of Net Assets
Intelsat SA		06/19/2017 - 02/23/2022	$	208	$	69		0.04	%
Neiman Marcus Group Ltd. LLC		09/25/2020		36		198		0.12
Westmoreland Mining Holdings		03/26/2019		0		0		0.00
			$	244	$	267		0.16	%

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(l)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received(1)
FICC		1.900	%		12/30/2022		01/03/2023	$	1,525	U.S. Treasury Bills 0.000% due 06/29/2023	$	(1,556	)	$	1,525	$	1,525
Total Repurchase Agreements											$	(1,556	)	$	1,525	$	1,525

34 PIMCO EQUITY SERIES See Accompanying Notes

(Unaudited)

December 31, 2022

SHORT SALES

Description	Coupon			Maturity Date		Principal Amount		Proceeds			Payable for Short Sales
U.S. Government Agencies (0.2)%
United States (0.2)%
Uniform Mortgage-Backed Security, TBA		3.500	%		02/25/2049	$	300	$	(273	)	$	(273	)
Uniform Mortgage-Backed Security, TBA		4.000			01/12/2053		800		(755	)		(750	)
Total Short Sales (0.2)%								$	(1,028	)	$	(1,023	)

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:

Counterparty	Repurchase Agreement Proceeds to be Received(1)		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/ (Received)			Net Exposure(2)
Global/Master Repurchase Agreement
FICC	$	1,525	$	0	$	0	$	1,525	$	(1,556	)	$	(31	)
Total Borrowings and Other Financing Transactions	$	1,525	$	0	$	0

⁽¹⁾ Includes accrued interest.

⁽²⁾ Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

(m)  FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

WRITTEN OPTIONS:

OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

Description	Strike Price		Expiration Date		# of Contracts		Notional Amount		Premiums (Received)			Market Value
Put - CME 3-Month SOFR Active Contract December 2023 Futures	$	96.500		12/15/2023		2	$	5	$	(2	)	$	(6	)
Call - CME 3-Month SOFR Active Contract December 2023 Futures		98.000		12/15/2023		2		5		(2	)		0
Total Written Options									$	(4	)	$	(6	)

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2022 35

Schedule of Investments PIMCO Dividend and Income Fund (Cont.)

FUTURES CONTRACTS:

LONG FUTURES CONTRACTS

Description	Expiration Month		# of Contracts		Notional Amount		Unrealized Appreciation/ (Depreciation)			Variation Margin
										Asset		Liability
U.S. Treasury 2-Year Note March Futures		03/2023		1	$	205	$	0		$	0	$	0
U.S. Treasury 5-Year Note March Futures		03/2023		13		1,403		(1	)		0		(1	)
U.S. Treasury 10-Year Note March Futures		03/2023		190		21,336		(114	)		0		(27	)
							$	(115	)	$	0	$	(28	)

SHORT FUTURES CONTRACTS

Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Variation Margin
											Asset		Liability
3-Month SOFR Active Contract December Futures		03/2024		5	$	(1,193	)	$	23		$	1	$	0
3-Month SOFR Active Contract December Futures		03/2025		1		(242	)		3			0		0
3-Month SOFR Active Contract December Futures		03/2026		1		(242	)		3			0		0
3-Month SOFR Active Contract June Futures		09/2024		2		(481	)		7			0		0
3-Month SOFR Active Contract June Futures		09/2025		2		(484	)		5			0		(1	)
3-Month SOFR Active Contract March Futures		06/2024		3		(719	)		12			0		0
3-Month SOFR Active Contract March Futures		06/2025		1		(242	)		3			0		0
3-Month SOFR Active Contract March Futures		06/2026		1		(242	)		3			0		0
3-Month SOFR Active Contract September Futures		12/2024		2		(483	)		6			0		0
3-Month SOFR Active Contract September Futures		12/2025		1		(242	)		3			0		0
Australia Government 10-Year Bond March Futures		03/2023		18		(1,418	)		79			3		(1	)
U.S. Treasury Long-Term Bond March Futures		03/2023		9		(1,128	)		(1	)		1		0
U.S. Treasury Ultra Long-Term Bond March Futures		03/2023		4		(537	)		0			2		0
U.S. Ultra Treasury Note March Futures		03/2023		24		(2,839	)		4			2		0
								$	150		$	9	$	(2	)
Total Futures Contracts								$	35		$	9	$	(30	)

SWAP AGREEMENTS:

CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION⁽¹⁾

Reference Entity	Fixed Receive Rate			Payment Frequency		Maturity Date		Implied Credit Spread at December 31, 2022(2)			Notional Amount(3)		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Market Value(4)			Variation Margin
																						Asset		Liability
AT&T, Inc.		1.000	%		Quarterly		12/20/2026		1.022	%	$	1,000	$	16		$	(16	)	$	0		$	0	$	0
Boeing Co.		1.000			Quarterly		06/20/2023		0.709			100		0			0			0			0		0
Boeing Co.		1.000			Quarterly		12/20/2023		0.847			200		2			(2	)		0			0		0
Devon Energy Corp.		1.000			Quarterly		12/20/2026		1.109			500		(1	)		(1	)		(2	)		0		0
Ford Motor Co.		5.000			Quarterly		06/20/2027		3.542			200		24			(13	)		11			0		0
Ford Motor Credit Co. LLC		5.000			Quarterly		06/20/2026		2.923			600		52			(13	)		39			0		0
General Electric Co.		1.000			Quarterly		06/20/2026		0.801			300		1			1			2			0		(1	)
Rolls-Royce PLC		1.000			Quarterly		12/20/2025		2.767		EUR	100		(10	)		5			(5	)		0		0
Rolls-Royce PLC		1.000			Quarterly		12/20/2026		3.161			200		(9	)		(7	)		(16	)		0		0
Rolls-Royce PLC		1.000			Quarterly		06/20/2027		3.357			100		(8	)		(2	)		(10	)		0		0
Verizon Communications, Inc.		1.000			Quarterly		06/20/2026		0.979		$	500		11			(10	)		1			0		0
													$	78		$	(58	)	$	20		$	0	$	(1	)

36 PIMCO EQUITY SERIES See Accompanying Notes

(Unaudited)

December 31, 2022

CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION⁽¹⁾

Index/Tranches	Fixed Receive Rate			Payment Frequency	Maturity Date		Notional Amount(3)		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)		Market Value(4)			Variation Margin
																	Asset		Liability
CDX.EM-36 5-Year Index		1.000	%	Quarterly		12/20/2026	$	736	$	(29	)	$	1	$	(28	)	$	0	$	0
CDX.EM-38 5-Year Index		1.000		Quarterly		12/20/2027		400		(33	)		10		(23	)		0		0
CDX.HY-38 5-Year Index		5.000		Quarterly		06/20/2027		990		(23	)		45		22			0		0
CDX.HY-39 5-Year Index		5.000		Quarterly		12/20/2027		9,000		(301	)		371		70			0		(1	)
CDX.IG-39 5-Year Index		1.000		Quarterly		12/20/2027		2,400		(1	)		21		20			0		0
iTraxx Asia Ex-Japan 38 5-Year Index		1.000		Quarterly		12/20/2027		100		(4	)		3		(1	)		0		0
iTraxx Europe Main 37 5-Year Index		1.000		Quarterly		06/20/2027	EUR	600		(3	)		7		4			1		0
									$	(394	)	$	458	$	64		$	1	$	(1	)

INTEREST RATE SWAPS

Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Variation Margin
																			Asset		Liability
Receive(5)	1-Day GBP-SONIO Compounded-OIS		2.000	%	Annual		03/15/2033	GBP	1,200	$	230		$	(26	)	$	204		$	1	$	0
Receive(5)	1-Day GBP-SONIO Compounded-OIS		2.000		Annual		03/15/2053		100		30			2			32			0		0
Pay	1-Day JPY-MUTKCALM Compounded-OIS		0.176		Annual		04/27/2027	JPY	30,000		0			(3	)		(3	)		0		0
Receive	1-Day JPY-MUTKCALM Compounded-OIS		0.020		Semi-Annual		09/20/2028		210,000		4			62			66			4		0
Receive	1-Day JPY-MUTKCALM Compounded-OIS		5.890		Semi-Annual		03/15/2029		641,000		46			178			224			13		0
Receive	1-Day JPY-MUTKCALM Compounded-OIS		0.400		Annual		06/15/2032		150,000		2			45			47			4		0
Receive	1-Day JPY-MUTKCALM Compounded-OIS		0.500		Annual		03/15/2042		90,000		26			59			85			6		0
Receive	1-Day JPY-MUTKCALM Compounded-OIS		0.711		Annual		04/27/2042		10,000		0			7			7			1		0
Receive(5)	1-Day USD-SOFR Compounded-OIS		2.450		Annual		12/20/2024	$	3,200		0			48			48			2		0
Receive(5)	1-Day USD-SOFR Compounded-OIS		2.350		Annual		01/17/2025		1,600		0			24			24			1		0
Receive(5)	1-Day USD-SOFR Compounded-OIS		1.600		Annual		01/16/2026		1,200		15			29			44			1		0
Receive(5)	1-Day USD-SOFR Compounded-OIS		2.300		Annual		01/17/2026		1,000		0			24			24			1		0
Pay	1-Day USD-SOFR Compounded-OIS		1.928		Annual		03/25/2027		200		0			(15	)		(15	)		0		0
Receive	1-Day USD-SOFR Compounded-OIS		1.000		Annual		06/15/2027		200		8			17			25			0		0
Pay	1-Day USD-SOFR Compounded-OIS		2.850		Annual		08/30/2027		200		(1	)		(7	)		(8	)		0		0
Receive	1-Day USD-SOFR Compounded-OIS		2.450		Annual		10/04/2027		320		0			19			19			1		0
Pay	1-Day USD-SOFR Compounded-OIS		2.900		Annual		10/04/2027		900		(7	)		(29	)		(36	)		0		(2	)
Pay	1-Day USD-SOFR Compounded-OIS		2.955		Annual		10/04/2027		200		(1	)		(6	)		(7	)		0		(1	)
Receive	1-Day USD-SOFR Compounded-OIS		2.000		Annual		12/21/2027		200		14			2			16			0		0
Receive	1-Day USD-SOFR Compounded-OIS		1.000		Annual		06/15/2029		310		18			32			50			1		0

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2022 37

Schedule of Investments PIMCO Dividend and Income Fund (Cont.)

Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Variation Margin
																			Asset		Liability
Pay	1-Day USD-SOFR Compounded-OIS		1.000	%	Annual		06/15/2029	$	220	$	(9	)	$	(26	)	$	(35	)	$	0	$	(1	)
Receive	1-Day USD-SOFR Compounded-OIS		1.750		Annual		06/15/2029		282		16			16			32			1		0
Receive	1-Day USD-SOFR Compounded-OIS		2.000		Annual		12/21/2029		1,130		101			12			113			2		0
Pay	1-Day USD-SOFR Compounded-OIS		1.817		Annual		04/05/2032		400		(2	)		(54	)		(56	)		0		(1	)
Pay	1-Day USD-SOFR Compounded-OIS		1.872		Annual		04/06/2032		200		(1	)		(26	)		(27	)		0		(1	)
Pay	1-Day USD-SOFR Compounded-OIS		1.250		Annual		06/15/2032		340		(32	)		(33	)		(65	)		0		(1	)
Receive	1-Day USD-SOFR Compounded-OIS		1.750		Annual		06/15/2032		399		34			25			59			1		0
Pay	1-Day USD-SOFR Compounded-OIS		1.750		Annual		06/15/2032		280		(23	)		(18	)		(41	)		0		(1	)
Receive	1-Day USD-SOFR Compounded-OIS		2.000		Annual		12/21/2032		1,670		204			14			218			5		0
Pay	1-Year BRL-CDI		5.830		Maturity		01/02/2023	BRL	800		8			(11	)		(3	)		0		0
Pay	1-Year BRL-CDI		5.836		Maturity		01/02/2023		600		6			(8	)		(2	)		0		0
Pay	1-Year BRL-CDI		5.855		Maturity		01/02/2023		200		2			(3	)		(1	)		0		0
Pay	1-Year BRL-CDI		6.170		Maturity		01/02/2023		5,200		(1	)		(49	)		(50	)		0		0
Receive	1-Year BRL-CDI		12.670		Maturity		01/02/2023		300		0			0			0			0		0
Receive	1-Year BRL-CDI		12.690		Maturity		01/02/2023		200		0			0			0			0		0
Receive	1-Year BRL-CDI		12.740		Maturity		01/02/2023		500		0			0			0			0		0
Receive	1-Year BRL-CDI		12.750		Maturity		01/02/2023		200		0			0			0			0		0
Receive	1-Year BRL-CDI		12.760		Maturity		01/02/2023		400		0			0			0			0		0
Receive	1-Year BRL-CDI		12.900		Maturity		01/02/2023		900		0			0			0			0		0
Receive	1-Year BRL-CDI		12.930		Maturity		01/02/2023		100		0			0			0			0		0
Receive	1-Year BRL-CDI		12.939		Maturity		01/02/2023		500		0			0			0			0		0
Receive	1-Year BRL-CDI		12.946		Maturity		01/02/2023		1,200		0			0			0			0		0
Receive	1-Year BRL-CDI		12.960		Maturity		01/02/2023		900		0			0			0			0		0
Receive	1-Year BRL-CDI		12.970		Maturity		01/02/2023		1,600		0			0			0			0		0
Pay	1-Year BRL-CDI		11.140		Maturity		01/02/2025		100		0			(1	)		(1	)		0		0
Pay	1-Year BRL-CDI		11.160		Maturity		01/02/2025		100		0			(1	)		(1	)		0		0
Pay	1-Year BRL-CDI		11.350		Maturity		01/02/2025		100		0			(1	)		(1	)		0		0
Pay	1-Year BRL-CDI		12.000		Maturity		01/02/2025		200		0			(1	)		(1	)		0		0
Pay	1-Year BRL-CDI		12.080		Maturity		01/02/2025		300		0			(1	)		(1	)		0		0
Pay	1-Year BRL-CDI		12.140		Maturity		01/02/2025		200		0			0			0			0		0
Pay	1-Year BRL-CDI		12.145		Maturity		01/02/2025		200		0			0			0			0		0
Pay	1-Year BRL-CDI		12.160		Maturity		01/02/2025		300		0			(1	)		(1	)		0		0
Pay	1-Year BRL-CDI		11.220		Maturity		01/04/2027		100		0			(1	)		(1	)		0		0
Pay	1-Year BRL-CDI		11.260		Maturity		01/04/2027		100		0			(1	)		(1	)		0		0
Pay	1-Year BRL-CDI		11.715		Maturity		01/04/2027		100		0			0			0			0		0
Pay	1-Year BRL-CDI		11.870		Maturity		01/04/2027		300		0			(1	)		(1	)		0		0
Pay	3-Month USD-LIBOR		1.270		Semi-Annual		11/04/2023	$	10,300		(57	)		(324	)		(381	)		0		(6	)
Pay	3-Month USD-LIBOR		1.088		Semi-Annual		02/03/2024		200		0			(9	)		(9	)		0		0
Pay(5)	3-Month USD-LIBOR		1.700		Semi-Annual		03/06/2024		400		(1	)		(12	)		(13	)		0		0
Receive	3-Month USD-LIBOR		2.500		Semi-Annual		12/18/2024		3,100		(293	)		426			133			4		0
Receive	3-Month USD-LIBOR		0.928		Semi-Annual		05/06/2026		100		0			11			11			0		0
Receive	3-Month USD-LIBOR		0.940		Semi-Annual		06/08/2026		100		0			11			11			0		0
Receive	3-Month USD-LIBOR		0.500		Semi-Annual		06/16/2026		1,000		15			106			121			1		0
Receive	3-Month USD-LIBOR		3.000		Semi-Annual		06/19/2026		2,300		(345	)		438			93			4		0
Receive	3-Month USD-LIBOR		1.250		Semi-Annual		12/15/2026		100		(2	)		13			11			0		0
Receive	3-Month USD-LIBOR		1.740		Semi-Annual		12/16/2026		100		(8	)		17			9			0		0
Pay	3-Month USD-LIBOR		1.380		Semi-Annual		01/04/2027		100		0			(10	)		(10	)		0		0
Pay	3-Month USD-LIBOR		1.570		Semi-Annual		01/11/2027		200		0			(19	)		(19	)		0		0
Pay	3-Month USD-LIBOR		1.425		Semi-Annual		01/18/2027		100		0			(10	)		(10	)		0		0
Pay	3-Month USD-LIBOR		1.443		Semi-Annual		01/18/2027		100		0			(10	)		(10	)		0		0
Receive	3-Month USD-LIBOR		1.350		Semi-Annual		01/20/2027		500		0			53			53			1		0
Pay	3-Month USD-LIBOR		1.550		Semi-Annual		01/20/2027		2,400		(8	)		(225	)		(233	)		0		(3	)
Pay	3-Month USD-LIBOR		1.580		Semi-Annual		02/16/2027		200		(1	)		(18	)		(19	)		0		0

38 PIMCO EQUITY SERIES See Accompanying Notes

(Unaudited)

December 31, 2022

Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Variation Margin
																			Asset		Liability
Receive	3-Month USD-LIBOR		1.450	%	Semi-Annual		02/17/2027	$	1,200	$	0		$	121		$	121		$	2	$	0
Pay	3-Month USD-LIBOR		1.700		Semi-Annual		02/17/2027		4,900		(18	)		(427	)		(445	)		0		(7	)
Pay	3-Month USD-LIBOR		1.280		Semi-Annual		03/24/2028		400		(1	)		(49	)		(50	)		0		(1	)
Receive	3-Month USD-LIBOR		1.235		Semi-Annual		05/12/2028		100		0			14			14			0		0
Pay	3-Month USD-LIBOR		0.500		Semi-Annual		06/16/2028		1,610		(91	)		(186	)		(277	)		0		(3	)
Receive	3-Month USD-LIBOR		2.250		Semi-Annual		06/20/2028		4,900		(643	)		1,064			421			9		0
Pay	3-Month USD-LIBOR		1.265		Semi-Annual		09/28/2028		100		0			(14	)		(14	)		0		0
Pay	3-Month USD-LIBOR		1.500		Semi-Annual		12/15/2028		422		11			(66	)		(55	)		0		(1	)
Receive	3-Month USD-LIBOR		1.379		Semi-Annual		12/22/2028		100		0			14			14			0		0
Receive	3-Month USD-LIBOR		1.500		Semi-Annual		01/12/2029		55		0			7			7			0		0
Pay	3-Month USD-LIBOR		1.700		Semi-Annual		01/12/2029		200		(1	)		(23	)		(24	)		0		0
Receive	3-Month USD-LIBOR		2.000		Semi-Annual		12/10/2029		100		(12	)		24			12			0		0
Receive	3-Month USD-LIBOR		1.500		Semi-Annual		12/18/2029		200		(15	)		44			29			0		0
Receive	3-Month USD-LIBOR		1.750		Semi-Annual		01/15/2030		300		(30	)		70			40			1		0
Receive	3-Month USD-LIBOR		2.000		Semi-Annual		02/12/2030		200		(25	)		48			23			0		0
Receive	3-Month USD-LIBOR		2.000		Semi-Annual		03/10/2030		100		(13	)		25			12			0		0
Receive	3-Month USD-LIBOR		1.250		Semi-Annual		06/17/2030		2,400		(130	)		542			412			6		0
Receive	3-Month USD-LIBOR		1.000		Semi-Annual		12/16/2030		127		1			24			25			0		0
Pay	3-Month USD-LIBOR		0.750		Semi-Annual		06/16/2031		663		(60	)		(90	)		(150	)		0		(2	)
Receive	3-Month USD-LIBOR		0.750		Semi-Annual		06/16/2031		2,600		213			373			586			5		0
Receive	3-Month USD-LIBOR		1.450		Semi-Annual		07/16/2031		100		0			18			18			0		0
Receive	3-Month USD-LIBOR		1.370		Semi-Annual		07/19/2031		100		0			18			18			0		0
Receive	3-Month USD-LIBOR		1.360		Semi-Annual		07/20/2031		100		0			18			18			0		0
Receive	3-Month USD-LIBOR		1.405		Semi-Annual		09/07/2031		100		(1	)		19			18			0		0
Pay	3-Month USD-LIBOR		1.500		Semi-Annual		10/05/2031		100		0			(18	)		(18	)		0		0
Pay	3-Month USD-LIBOR		1.535		Semi-Annual		10/15/2031		100		0			(18	)		(18	)		0		0
Pay	3-Month USD-LIBOR		1.545		Semi-Annual		10/26/2031		100		0			(18	)		(18	)		0		0
Pay	3-Month USD-LIBOR		1.768		Semi-Annual		02/02/2032		100		0			(16	)		(16	)		0		0
Pay	3-Month USD-LIBOR		2.000		Semi-Annual		02/18/2032		200		(1	)		(27	)		(28	)		0		(1	)
Receive	3-Month USD-LIBOR		1.910		Semi-Annual		10/17/2049		100		(23	)		52			29			1		0
Receive	3-Month USD-LIBOR		1.895		Semi-Annual		10/18/2049		100		(23	)		53			30			1		0
Receive	3-Month USD-LIBOR		2.250		Semi-Annual		12/11/2049		900		(292	)		501			209			5		0
Receive	3-Month USD-LIBOR		2.000		Semi-Annual		01/15/2050		100		(26	)		53			27			1		0
Receive	3-Month USD-LIBOR		1.625		Semi-Annual		01/16/2050		100		(16	)		50			34			1		0
Receive	3-Month USD-LIBOR		1.750		Semi-Annual		01/22/2050		500		(97	)		256			159			2		0
Receive	3-Month USD-LIBOR		1.625		Semi-Annual		02/03/2050		300		(48	)		150			102			1		0
Receive	3-Month USD-LIBOR		2.250		Semi-Annual		03/12/2050		600		(196	)		332			136			3		0
Receive	3-Month USD-LIBOR		1.250		Semi-Annual		12/16/2050		400		41			124			165			2		0
Pay	3-Month USD-LIBOR		1.491		Semi-Annual		01/21/2051		100		(1	)		(36	)		(37	)		0		(1	)
Pay	3-Month USD-LIBOR		1.590		Semi-Annual		02/09/2051		900		(7	)		(308	)		(315	)		0		(4	)
Receive	3-Month USD-LIBOR		1.785		Semi-Annual		08/12/2051		100		(1	)		33			32			1		0
Receive	3-Month ZAR-JIBAR		7.710		Quarterly		11/23/2025	ZAR	100		0			0			0			0		0
Pay	3-Month ZAR-JIBAR		4.848		Quarterly		01/11/2026		200		0			(1	)		(1	)		0		0
Pay	6-Month AUD-BBR-BBSW		2.750		Semi-Annual		06/17/2026	AUD	5,080		483			(644	)		(161	)		2		0
Receive	6-Month AUD-BBR-BBSW		3.000		Semi-Annual		03/21/2027		80		(9	)		12			3			0		0
Receive	6-Month EUR-EURIBOR		0.150		Annual		03/18/2030	EUR	800		(2	)		189			187			3		0
Pay	6-Month EUR-EURIBOR		2.000		Annual		09/21/2032		680		8			(79	)		(71	)		0		(4	)
Receive(5)	6-Month EUR-EURIBOR		1.750		Annual		03/15/2033		1,000		104			30			134			5		0
Receive(5)	6-Month EUR-EURIBOR		0.830		Annual		12/09/2052		1,300		4			38			42			2		0
Pay	28-Day MXN-TIIE		7.640		Lunar		01/03/2023	MXN	200		1			(1	)		0			0		0
Pay	28-Day MXN-TIIE		7.645		Lunar		01/03/2023		2,000		8			(8	)		0			0		0
Pay	28-Day MXN-TIIE		7.745		Lunar		01/05/2023		1,400		5			(5	)		0			0		0
Pay	28-Day MXN-TIIE		7.610		Lunar		01/23/2023		6,000		22			(23	)		(1	)		0		0
Pay	28-Day MXN-TIIE		7.805		Lunar		02/06/2023		3,400		13			(14	)		(1	)		0		0
Pay	28-Day MXN-TIIE		7.820		Lunar		02/06/2023		3,400		13			(14	)		(1	)		0		0
Receive	28-Day MXN-TIIE		8.675		Lunar		04/03/2024		8,800		0			11			11			0		0
Receive	28-Day MXN-TIIE		8.660		Lunar		04/04/2024		3,700		0			5			5			0		0
Receive	28-Day MXN-TIIE		8.750		Lunar		04/05/2024		3,600		0			4			4			0		0
Pay	28-Day MXN-TIIE		5.990		Lunar		01/30/2026		4,300		9			(28	)		(19	)		0		(1	)
Pay	28-Day MXN-TIIE		6.080		Lunar		03/10/2026		15,500		35			(103	)		(68	)		0		(2	)
Pay	28-Day MXN-TIIE		6.490		Lunar		09/08/2026		30,000		97			(220	)		(123	)		0		(4	)
Receive	28-Day MXN-TIIE		8.410		Lunar		03/31/2027		1,000		0			1			1			0		0
Receive	28-Day MXN-TIIE		8.730		Lunar		04/06/2027		1,500		0			0			0			0		0

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2022 39

Schedule of Investments PIMCO Dividend and Income Fund (Cont.)

Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Variation Margin
																			Asset		Liability
Receive	28-Day MXN-TIIE		7.984	%	Lunar		12/10/2027	$	2,900	$	(22	)	$	27		$	5		$	0	$	0
Receive	28-Day MXN-TIIE		8.005		Lunar		12/21/2027		11,400		(86	)		105			19			2		0
Receive	28-Day MXN-TIIE		7.800		Lunar		12/28/2027		1,200		(8	)		11			3			0		0
Receive	28-Day MXN-TIIE		7.910		Lunar		12/30/2027		700		(5	)		6			1			0		0
Receive	28-Day MXN-TIIE		8.030		Lunar		01/31/2028		2,000		(15	)		18			3			0		0
Receive	28-Day MXN-TIIE		8.050		Lunar		01/31/2028		1,900		(15	)		18			3			0		0
Receive	28-Day MXN-TIIE		7.495		Lunar		01/14/2032		700		3			0			3			0		0
Receive	28-Day MXN-TIIE		7.498		Lunar		01/15/2032		2,900		12			(1	)		11			1		0
Receive	28-Day MXN-TIIE		8.732		Lunar		03/30/2032		700		0			0			0			0		0
Receive	28-Day MXN-TIIE		8.701		Lunar		03/31/2032		1,700		0			0			0			0		0
Pay	28-Day MXN-TIIE		7.165		Lunar		09/06/2032		400		2			(4	)		(2	)		0		0
Pay	28-Day MXN-TIIE		7.380		Lunar		08/14/2037		100		1			(2	)		(1	)		0		0
Pay	28-Day MXN-TIIE		7.360		Lunar		08/21/2037		100		1			(2	)		(1	)		0		0
Receive	28-Day MXN-TIIE		8.103		Lunar		01/04/2038		900		(9	)		12			3			0		0
Receive	UKRPI		4.000		Maturity		09/15/2031	GBP	100		0			(14	)		(14	)		0		(1	)
Receive	UKRPI		4.140		Maturity		10/15/2031		100		0			(13	)		(13	)		0		(1	)
Receive	UKRPI		4.250		Maturity		11/15/2031		100		(1	)		(10	)		(11	)		0		(1	)
										$	(869	)	$	2,782		$	1,913		$	111	$	(51	)
Total Swap Agreements										$	(1,185	)	$	3,182		$	1,997		$	112	$	(53	)

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2022:

	Financial Derivative Assets								Financial Derivative Liabilities
	Market Value		Variation Margin Asset						Market Value			Variation Margin Liability
	Purchased Options		Futures		Swap Agreements		Total		Written Options			Futures			Swap Agreements			Total
Total Exchange-Traded or Centrally Cleared	$	0	$	9	$	112	$	121	$	(6	)	$	(30	)	$	(53	)	$	(89	)

(n) Securities with an aggregate market value of $851 and cash of $2,273 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2022. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

⁽¹⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

⁽²⁾ Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

⁽³⁾ The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

⁽⁴⁾ The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

⁽⁵⁾ This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

40 PIMCO EQUITY SERIES See Accompanying Notes

(Unaudited)

December 31, 2022

(o)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:

Counterparty	Settlement Month		Currency to be Delivered			Currency to be Received			Unrealized Appreciation/ (Depreciation)
									Asset		Liability
BOA		01/2023		JPY	1,000	$		7	$	0	$	0
		01/2023	$		1,013		AUD	1,496		6		0
		01/2023			112		GBP	92		0		(1	)
		01/2023			27	��	KRW	35,246		1		0
		02/2023		JPY	170,000	$		1,214		0		(90	)
		02/2023	$		159		NOK	1,582		2		0
		02/2023		ZAR	476	$		26		0		(1	)
		03/2023		TWD	1,737			59		2		0
		03/2023	$		113		IDR	1,762,800		1		0
		03/2023		ZAR	2,963	$		168		0		(5	)
BPS		01/2023	$		766		KRW	998,727		27		0
		02/2023			37		IDR	577,096		1		0
		02/2023		ZAR	1,509	$		84		0		(5	)
		03/2023	$		5		CLP	4,360		0		0
		03/2023			572		MXN	11,538		11		0
BRC		01/2023		CNH	74	$		11		0		0
		01/2023		JPY	10,000			71		0		(5	)
		03/2023			64,000			476		0		(16	)
CBK		01/2023		AUD	14			9		0		0
		01/2023		CLP	182,991			206		0		(10	)
		01/2023		PEN	47			12		0		(1	)
		01/2023	$		119		AUD	175		1		0
		01/2023			1,058		BRL	5,552		0		(6	)
		01/2023			192		CLP	182,929		24		0
		01/2023			41		EUR	39		0		0
		01/2023			21		PEN	83		1		0
		02/2023		CAD	748	$		548		0		(5	)
		02/2023		PEN	185			47		0		(2	)
		02/2023	$		206		CLP	183,999		10		0
		02/2023			328		NZD	513		0		(3	)
		03/2023		PEN	147	$		37		0		(2	)
		03/2023	$		31		CLP	26,866		0		0
		04/2023		PEN	572	$		145		0		(4	)
		04/2023	$		135		PEN	539		6		0
DUB		01/2023		JPY	50,000	$		355		0		(27	)
GLM		01/2023		BRL	5,552			1,042		0		(10	)
		01/2023		CNH	76			11		0		0
		01/2023		ZAR	486			27		0		(1	)
		02/2023			62			4		0		0
		03/2023	$		275		MXN	5,649		11		0
		04/2023			1,023		BRL	5,552		10		0
		05/2023			12		PEN	48		1		0
JPM		01/2023		GBP	1,397	$		1,687		0		(2	)
		01/2023	$		44		ZAR	773		1		0
		02/2023		TWD	2,159	$		71		1		0
		02/2023	$		63		IDR	996,788		1		0
		03/2023			202			3,155,990		2		0
MBC		01/2023		EUR	2,306	$		2,417		0		(53	)
		01/2023	$		91		AUD	135		1		0
		01/2023			942		JPY	127,900		33		0
		01/2023		ZAR	1,073	$		62		0		(1	)
		02/2023	$		540		CAD	716		0		(11	)
		03/2023		TWD	2,590	$		88		3		0
		03/2023	$		122		IDR	1,915,526		1		0

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2022 41

Schedule of Investments PIMCO Dividend and Income Fund (Cont.)

Counterparty	Settlement Month		Currency to be Delivered			Currency to be Received			Unrealized Appreciation/ (Depreciation)
									Asset		Liability
		05/2023		CNH	48	$		7	$	0	$	0
MYI		01/2023	$		312		AUD	465		4		0
		01/2023			725		JPY	99,277		32		0
		02/2023		TWD	3,992	$		131		0		0
		02/2023		ZAR	2,874			161		0		(7	)
		03/2023		TWD	2,327			79		3		0
		03/2023	$		172		IDR	2,698,934		2		0
RBC		01/2023			4		AUD	5		0		0
		02/2023		MXN	7,509	$		379		0		(4	)
		02/2023	$		242		NOK	2,412		5		0
		03/2023		MXN	1,793	$		90		0		(2	)
		04/2023	$		406		MXN	8,408		18		0
RYL		01/2023		JPY	9,000	$		66		0		(3	)
SCX		01/2023	$		21		AUD	31		0		0
		01/2023			46		PEN	175		1		0
		02/2023			67		IDR	1,048,842		1		0
		03/2023			4		PEN	17		0		0
		09/2023		ZAR	1,326	$		75		0		(1	)
SSB		03/2023	$		154		CLP	134,842		4		0
UAG		01/2023		ZAR	1,512	$		84		0		(5	)
		02/2023	$		98		IDR	1,556,636		2		0
		03/2023		JPY	226,018	$		1,662		0		(74	)
Total Forward Foreign Currency Contracts									$	230	$	(357	)

WRITTEN OPTIONS:

CREDIT DEFAULT SWAPTIONS ON CREDIT INDICES

Counterparty

Description

Buy/Sell Protection

Exercise Rate

Expiration Date

Notional Amount(1)

Premiums (Received)

Market Value

GST

Put - OTC iTraxx Europe 37 5-Year Index

Sell

3.000

%

03/15/2023

100

$

0

$

0

INTEREST RATE SWAPTIONS

Counterparty	Description	Floating Rate Index	Pay/ Receive Floating Rate	Exercise Rate			Expiration Date		Notional Amount(1)		Premiums (Received)			Market Value
BOA	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.150	%		12/01/2023		200	$	(1	)	$	0
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		3.650			12/01/2023		200		(1	)		(2	)
BPS	Call - OTC 1-Year Interest Rate Swap	6-Month EUR-EURIBOR	Receive		0.550			04/11/2023		100		1			0
	Put - OTC 1-Year Interest Rate Swap	6-Month EUR-EURIBOR	Pay		2.100			04/11/2023		100		1			(2	)
	Call - OTC 1-Year Interest Rate Swap	6-Month EUR-EURIBOR	Receive		0.700			04/28/2023		300		(1	)		0
	Put - OTC 1-Year Interest Rate Swap	6-Month EUR-EURIBOR	Pay		2.250			04/28/2023		300		(1	)		(4	)
	Call - OTC 5-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.270			01/23/2023		100		1			0
	Put - OTC 5-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		3.770			01/23/2023		100		1			(1	)

42 PIMCO EQUITY SERIES See Accompanying Notes

(Unaudited)

December 31, 2022

Counterparty	Description	Floating Rate Index	Pay/ Receive Floating Rate	Exercise Rate			Expiration Date		Notional Amount(1)		Premiums (Received)			Market Value
CBK	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.690	%		04/02/2024		100	$	(1	)	$	0
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.690			04/02/2024		100		(1	)		(1	)
DUB	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.920			10/13/2023		200		(1	)		0
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.920			10/13/2023		200		(1	)		(3	)
	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.790			04/08/2024		100		(1	)		0
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.790			04/08/2024		100		(1	)		(1	)
FAR	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.688			04/02/2024		100		(1	)		0
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.688			04/02/2024		100		(1	)		(1	)
	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.781			04/05/2024		200		0			(1	)
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.781			04/05/2024		200		0			(3	)
GLM	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.920			10/13/2023		100		(1	)		0
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.920			10/13/2023		100		(1	)		(2	)
	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.018			10/20/2023		100		(1	)		0
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		3.018			10/20/2023		100		(1	)		(1	)
	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.140			10/23/2023		100		(1	)		0
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		3.140			10/23/2023		100		(1	)		(1	)
	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.190			10/23/2023		100		(1	)		0
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		3.190			10/23/2023		100		(1	)		(1	)
	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.225			10/23/2023		100		(1	)		0
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		3.225			10/23/2023		100		(1	)		(1	)
	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.973			10/25/2023		100		(1	)		0
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.973			10/25/2023		100		(1	)		(1	)
	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.841			10/27/2023		100		(1	)		0
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.841			10/27/2023		100		(1	)		(2	)
	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.088			11/03/2023		100		(1	)		0
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		3.088			11/03/2023		100		(1	)		(1	)
	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.910			11/10/2023		100		(1	)		0
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.910			11/10/2023		100		(1	)		(1	)
	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.250			11/17/2023		200		(1	)		0
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		3.750			11/17/2023		200		(1	)		(2	)

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2022 43

Schedule of Investments PIMCO Dividend and Income Fund (Cont.)

Counterparty	Description	Floating Rate Index	Pay/ Receive Floating Rate	Exercise Rate			Expiration Date		Notional Amount(1)		Premiums (Received)			Market Value
	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.150	%		11/20/2023		200	$	(1	)	$	0
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		3.650			11/20/2023		200		(1	)		(2	)
	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.250			12/07/2023		200		(1	)		0
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		3.750			12/07/2023		200		(1	)		(2	)
	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.697			04/02/2024		200		(1	)		(1	)
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.697			04/02/2024		200		(1	)		(3	)
	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.721			04/08/2024		100		(1	)		0
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.721			04/08/2024		100		(1	)		(1	)
	Call - OTC 1-Year Interest Rate Swap	6-Month EUR-EURIBOR	Receive		0.550			04/05/2023		300		(1	)		0
	Put - OTC 1-Year Interest Rate Swap	6-Month EUR-EURIBOR	Pay		2.100			04/05/2023		300		(1	)		(5	)
	Call - OTC 1-Year Interest Rate Swap	6-Month EUR-EURIBOR	Receive		0.550			04/11/2023		500		(1	)		0
	Put - OTC 1-Year Interest Rate Swap	6-Month EUR-EURIBOR	Pay		2.100			04/11/2023		500		(1	)		(8	)
	Call - OTC 1-Year Interest Rate Swap	6-Month EUR-EURIBOR	Receive		0.700			04/24/2023		300		1			0
	Put - OTC 1-Year Interest Rate Swap	6-Month EUR-EURIBOR	Pay		2.250			04/24/2023		300		(1	)		(4	)
	Call - OTC 1-Year Interest Rate Swap	6-Month EUR-EURIBOR	Receive		0.700			04/26/2023		300		(1	)		0
	Put - OTC 1-Year Interest Rate Swap	6-Month EUR-EURIBOR	Pay		2.250			04/26/2023		300		(1	)		(4	)
	Call - OTC 1-Year Interest Rate Swap	6-Month EUR-EURIBOR	Receive		0.550			05/15/2023		300		(1	)		0
	Put - OTC 1-Year Interest Rate Swap	6-Month EUR-EURIBOR	Pay		2.100			05/15/2023		300		(1	)		(5	)
	Call - OTC 5-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.230			01/23/2023		1,600		(3	)		(1	)
	Put - OTC 5-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		3.730			01/23/2023		1,600		(3	)		(10	)
MYC	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.993			10/11/2023		100		(1	)		0
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.993			10/11/2023		100		(1	)		(1	)
NGF	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.020			11/06/2023		200		(1	)		0
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		3.020			11/06/2023		200		(1	)		(3	)
	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.845			11/13/2023		200		(1	)		0
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.845			11/13/2023		200		(1	)		(3	)
	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.785			04/08/2024		100		(1	)		0
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.785			04/08/2024		100		(1	)		(1	)
	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.835			04/08/2024		100		(1	)		0
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.835			04/08/2024		100		(1	)		(1	)

44 PIMCO EQUITY SERIES See Accompanying Notes

(Unaudited)

December 31, 2022

Description	Floating Rate Index	Pay/ Receive Floating Rate	Exercise Rate			Expiration Date		Notional Amount(1)		Premiums (Received)			Market Value
Call - OTC 1-Year Interest Rate Swap	6-Month EUR-EURIBOR	Receive		0.550	%		04/03/2023		800	$	(1	)	$	0
Put - OTC 1-Year Interest Rate Swap	6-Month EUR-EURIBOR	Pay		2.100			04/03/2023		800		(1	)		(12	)
Call - OTC 1-Year Interest Rate Swap	6-Month EUR-EURIBOR	Receive		0.550			04/04/2023		400		(1	)		0
Put - OTC 1-Year Interest Rate Swap	6-Month EUR-EURIBOR	Pay		2.100			04/04/2023		400		(1	)		(6	)
Call - OTC 1-Year Interest Rate Swap	6-Month EUR-EURIBOR	Receive		0.550			05/12/2023		400		1			0
Put - OTC 1-Year Interest Rate Swap	6-Month EUR-EURIBOR	Pay		2.100			05/12/2023		400		(1	)		(7	)
										$	(64	)	$	(112	)

OPTIONS ON SECURITIES

Counterparty	Description	Strike Price		Expiration Date		Notional Amount(1)		Premiums (Received)			Market Value
BOA	Call - OTC Uniform Mortgage-Backed Security, TBA 5.500% due 01/01/2053	$	101.891		01/05/2023		100	$	(1	)	$	0
SAL	Call - OTC Uniform Mortgage-Backed Security, TBA 5.500% due 01/01/2053		102.250		01/05/2023		100		0			0
								$	(1	)	$	0
Total Written Options								$	(65	)	$	(112	)

SWAP AGREEMENTS:

CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - SELL PROTECTION⁽²⁾

Counterparty	Reference Entity	Fixed Receive Rate			Payment Frequency	Maturity Date		Implied Credit Spread at December 31, 2022(3)			Notional Amount(4)		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)		Swap Agreements, at Value(5)
																		Asset		Liability
BPS	Mexico Government International Bond		1.000	%	Quarterly		06/20/2024		0.588	%	$	40	$	(1	)	$	1	$	0	$	0
CBK	Brazil Government International Bond		1.000		Quarterly		12/20/2024		1.173			300		(5	)		4		0		(1	)
GST	Brazil Government International Bond		1.000		Quarterly		12/20/2024		1.173			200		(3	)		2		0		(1	)
	Colombia Government International Bond		1.000		Quarterly		12/20/2027		2.715			100		(9	)		2		0		(7	)
	Mexico Government International Bond		1.000		Quarterly		06/20/2023		0.336			100		(1	)		1		0		0
	Mexico Government International Bond		1.000		Quarterly		12/20/2024		0.640			100		(1	)		2		1		0
	Mexico Government International Bond		1.000		Quarterly		12/20/2027		1.305			100		(4	)		3		0		(1	)
	Turkey Government International Bond		1.000		Quarterly		12/20/2024		4.322			100		(11	)		5		0		(6	)
HUS	Brazil Government International Bond		1.000		Quarterly		06/20/2024		1.051			400		(12	)		12		0		0
	Mexico Government International Bond		1.000		Quarterly		12/20/2023		0.480			300		(5	)		7		2		0

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2022 45

Schedule of Investments PIMCO Dividend and Income Fund (Cont.)

Counterparty	Reference Entity	Fixed Receive Rate			Payment Frequency	Maturity Date		Implied Credit Spread at December 31, 2022(3)			Notional Amount(4)		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value(5)
																			Asset		Liability
MYC	Mexico Government International Bond		1.000	%	Quarterly		12/20/2024		0.640	%	$	100	$	(1	)	$	2		$	1	$	0
	Mexico Government International Bond		1.000		Quarterly		06/20/2027		1.191			100		0			(1	)		0		(1	)
	Mexico Government International Bond		1.000		Quarterly		12/20/2027		1.305			300		(10	)		6			0		(4	)
	South Africa Government International Bond		1.000		Quarterly		12/20/2026		2.103			200		(9	)		2			0		(7	)
													$	(72	)	$	48		$	4	$	(28	)

CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION⁽²⁾

Counterparty	Index/Tranches	Fixed Receive Rate			Payment Frequency	Maturity Date		Notional Amount(4)		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value(5)
																Asset		Liability
GST	CMBX.NA.AAA.10 Index		0.500	%	Monthly		11/17/2059	$	4,000	$	(85	)	$	76		$	0	$	(9	)
MYC	CMBX.NA.AAA.13 Index		0.500		Monthly		12/16/2072		5,700		(2	)		(69	)		0		(71	)
										$	(87	)	$	7		$	0	$	(80	)

TOTAL RETURN SWAPS ON SECURITIES

Counterparty	Pay/ Receive(6)	Underlying Reference	# of Shares		Financing Rate	Payment Frequency	Maturity Date		Notional Amount		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
																	Asset		Liability
BOA	Receive	iBoxx USD Investment Grade Corporate Bond ETF		970	4.130% (1-Month USD-LIBOR less a specified spread)	Monthly		10/18/2023	$	72	$	0		$	(1	)	$	0	$	(1	)
BPS	Receive	iBoxx USD Investment Grade Corporate Bond ETF		667	3.680% (1-Month USD-LIBOR less a specified spread)	Monthly		11/29/2023		49		0			0			0		0
GST	Receive	iBoxx USD Investment Grade Corporate Bond ETF		666	3.930% (1-Month USD-LIBOR less a specified spread)	Monthly		12/13/2023		49		0			0			0		0
											$	0		$	(1	)	$	0	$	(1	)
Total Swap Agreements											$	(159	)	$	54		$	4	$	(109	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2022:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts			Written Options			Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)		Net Exposure(7)
BOA	$	12	$	0	$	0	$	12	$	(97	)	$	(2	)	$	(1	)	$	(100	)	$	(88	)	$	134	$	46
BPS		39		0		0		39		(5	)		(7	)		0			(12	)		27			0		27
BRC		0		0		0		0		(21	)		0			0			(21	)		(21	)		0		(21	)
CBK		42		0		0		42		(33	)		(1	)		(1	)		(35	)		7			0		7
DUB		0		0		0		0		(27	)		(4	)		0			(31	)		(31	)		0		(31	)
FAR		0		0		0		0		0			(5	)		0			(5	)		(5	)		0		(5	)

46 PIMCO EQUITY SERIES See Accompanying Notes

(Unaudited)

December 31, 2022

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts			Written Options			Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)		Net Exposure(7)
GLM	$	22	$	0	$	0	$	22	$	(11	)	$	(59	)	$	0		$	(70	)	$	(48	)	$	42	$	(6	)
GST		0		0		1		1		0			0			(24	)		(24	)		(23	)		0		(23	)
HUS		0		0		2		2		0			0			0			0			2			0		2
JPM		5		0		0		5		(2	)		0			0			(2	)		3			0		3
MBC		38		0		0		38		(65	)		0			0			(65	)		(27	)		0		(27	)
MYC		0		0		1		1		0			(1	)		(83	)		(84	)		(83	)		0		(83	)
MYI		41		0		0		41		(7	)		0			0			(7	)		34			0		34
NGF		0		0		0		0		0			(33	)		0			(33	)		(33	)		0		(33	)
RBC		23		0		0		23		(6	)		0			0			(6	)		17			0		17
RYL		0		0		0		0		(3	)		0			0			(3	)		(3	)		0		(3	)
SCX		2		0		0		2		(1	)		0			0			(1	)		1			0		1
SSB		4		0		0		4		0			0			0			0			4			0		4
UAG		2		0		0		2		(79	)		0			0			(79	)		(77	)		0		(77	)
Total Over the Counter	$	230	$	0	$	4	$	234	$	(357	)	$	(112	)	$	(109	)	$	(578	)

(p) Securities with an aggregate market value of $176 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2022.

⁽¹⁾ Notional Amount represents the number of contracts.

⁽²⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

⁽³⁾ Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

⁽⁴⁾ The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

⁽⁵⁾ The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

⁽⁶⁾ Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference.

⁽⁷⁾ Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2022 47

Schedule of Investments PIMCO Dividend and Income Fund (Cont.)

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statement of Assets and Liabilities as of December 31, 2022:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	9	$	9
Swap Agreements		0		1		0		0		111		112
	$	0	$	1	$	0	$	0	$	120	$	121
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	230	$	0	$	230
Swap Agreements		0		4		0		0		0		4
	$	0	$	4	$	0	$	230	$	0	$	234
	$	0	$	5	$	0	$	230	$	120	$	355
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Written Options	$	0	$	0	$	0	$	0	$	6	$	6
Futures		0		0		0		0		30		30
Swap Agreements		0		2		0		0		51		53
	$	0	$	2	$	0	$	0	$	87	$	89
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	357	$	0	$	357
Written Options		0		0		0		0		112		112
Swap Agreements		0		108		1		0		0		109
	$	0	$	108	$	1	$	357	$	112	$	578
	$	0	$	110	$	1	$	357	$	199	$	667

The effect of Financial Derivative Instruments on the Statement of Operations for the period ended December 31, 2022:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts			Equity Contracts			Foreign Exchange Contracts		Interest Rate Contracts			Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0		$	0		$	0	$	(700	)	$	(700	)
Swap Agreements		0		(93	)		0			0		1,162			1,069
	$	0	$	(93	)	$	0		$	0	$	462		$	369
Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0		$	344	$	0		$	344
Written Options		0		4			0			0		59			63
Swap Agreements		0		34			(2	)		0		0			32
	$	0	$	38		$	(2	)	$	344	$	59		$	439
	$	0	$	(55	)	$	(2	)	$	344	$	521		$	808

48 PIMCO EQUITY SERIES See Accompanying Notes

(Unaudited)

December 31, 2022

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts			Equity Contracts		Foreign Exchange Contracts			Interest Rate Contracts			Total
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Written Options	$	0	$	0		$	0	$	0		$	(2	)	$	(2	)
Futures		0		0			0		0			132			132
Swap Agreements		0		1,103			0		0			(129	)		974
	$	0	$	1,103		$	0	$	0		$	1		$	1,104
Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	(271	)	$	0		$	(271	)
Written Options		0		(1	)		0		0			117			116
Swap Agreements		0		92			5		0			8			105
	$	0	$	91		$	5	$	(271	)	$	125		$	(50	)
	$	0	$	1,194		$	5	$	(271	)	$	126		$	1,054

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2022
Investments in Securities, at Value
Asset-Backed Securities
Cayman Islands	$	0	$	259	$	0	$	259
United States		0		12,165		0		12,165
Loan Participations and Assignments
Luxembourg		0		53		0		53
Panama		0		380		0		380
United Kingdom		0		0		360		360
United States		0		1,846		0		1,846
Common Stocks
Australia
Industrials		0		323		0		323
Materials		0		3,614		0		3,614
Belgium
Financials		0		232		0		232
Utilities		0		107		0		107
Brazil
Communication Services		0		96		0		96
Consumer Staples		0		342		0		342
Energy		0		324		0		324
Financials		0		142		0		142
Materials		0		478		0		478
Canada
Consumer Staples		116		0		0		116
Financials		319		0		0		319
China
Communication Services		0		120		0		120
Energy		0		378		0		378
Financials		0		2,046		0		2,046
Industrials		0		215		0		215
Czech Republic
Utilities		151		0		0		151
Denmark
Industrials		0		474		0		474

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2022 49

Schedule of Investments PIMCO Dividend and Income Fund (Cont.)

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2022
Finland
Health Care	$	0	$	156	$	0	$	156
France
Consumer Staples		0		118		0		118
Energy		0		443		0		443
Financials		0		650		0		650
Health Care		0		746		0		746
Industrials		0		742		0		742
Greece
Consumer Discretionary		0		116		0		116
Hong Kong
Industrials		0		78		0		78
Real Estate		0		325		0		325
Indonesia
Communication Services		0		279		0		279
Consumer Discretionary		0		195		0		195
Energy		0		104		0		104
Financials		0		132		0		132
Israel
Industrials		37		0		0		37
Italy
Utilities		0		255		0		255
Japan
Communication Services		0		657		0		657
Consumer Staples		0		788		0		788
Health Care		0		777		0		777
Industrials		0		1,478		0		1,478
Materials		0		207		0		207
Utilities		0		361		0		361
Luxembourg
Financials		0		0		69		69
Netherlands
Consumer Staples		0		689		0		689
Financials		0		304		0		304
Materials		0		103		0		103
Norway
Communication Services		0		171		0		171
Materials		0		113		0		113
Poland
Energy		0		250		0		250
Portugal
Consumer Staples		0		161		0		161
Utilities		0		363		0		363
South Africa
Communication Services		124		338		0		462
Energy		0		112		0		112
Financials		0		742		0		742
Materials		0		389		0		389
South Korea
Consumer Discretionary		0		329		0		329
Consumer Staples		0		209		0		209
Financials		0		129		0		129
Spain
Consumer Discretionary		0		355		0		355
Financials		0		974		0		974
Utilities		0		798		0		798
Sweden
Communication Services		0		124		0		124

50 PIMCO EQUITY SERIES See Accompanying Notes

(Unaudited)

December 31, 2022

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2022
Switzerland
Consumer Discretionary	$	172	$	0	$	0	$	172
Consumer Staples		0		359		0		359
Health Care		0		4,993		0		4,993
Industrials		0		334		0		334
Information Technology		0		109		0		109
Taiwan
Information Technology		0		1,485		0		1,485
Turkey
Consumer Staples		0		131		0		131
United Kingdom
Consumer Staples		0		1,052		0		1,052
Energy		49		0		0		49
Financials		0		411		0		411
Health Care		0		743		0		743
Industrials		0		799		0		799
Materials		0		2,148		0		2,148
United States
Communication Services		710		0		30		740
Consumer Discretionary		1,408		0		0		1,408
Consumer Staples		7,445		0		0		7,445
Energy		3,692		0		0		3,692
Financials		6,788		0		0		6,788
Health Care		9,291		0		0		9,291
Industrials		4,017		0		198		4,215
Information Technology		4,246		0		0		4,246
Materials		629		0		0		629
Utilities		198		0		0		198
Corporate Bonds & Notes
Austria
Banking & Finance		0		628		0		628
Bermuda
Industrials		0		243		0		243
Cayman Islands
Banking & Finance		0		24		0		24
Industrials		0		230		0		230
Utilities		0		57		0		57
Hong Kong
Banking & Finance		0		210		0		210
Ireland
Industrials		0		196		0		196
Italy
Banking & Finance		0		374		0		374
Japan
Industrials		0		738		0		738
Luxembourg
Industrials		0		186		0		186
Peru
Banking & Finance		0		25		0		25
Switzerland
Banking & Finance		0		320		0		320
United Kingdom
Industrials		0		358		0		358
United States
Banking & Finance		0		259		0		259
Industrials		0		4,168		0		4,168
Utilities		0		2,192		0		2,192

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2022 51

Schedule of Investments PIMCO Dividend and Income Fund (Cont.)

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2022
Venezuela
Industrials	$	0	$	17		$	0	$	17
Virgin Islands (British)
Industrials		0		407			0		407
Non-Agency Mortgage-Backed Securities
Ireland		0		660			0		660
United Kingdom		0		1,042			0		1,042
United States		0		5,985			0		5,985
Municipal Bonds & Notes
Illinois		0		20			0		20
Puerto Rico		0		91			0		91
Preferred Stocks
Brazil
Industrials		0		163			0		163
Utilities		0		584			0		584
United Kingdom
Banking & Finance		0		171			0		171
Real Estate Investment Trusts
United States
Financials		240		0			0		240
Real Estate		8,357		0			0		8,357
Rights
Luxembourg
Financials		0		0			2		2
Sovereign Issues
Argentina		0		329			0		329
Japan		0		282			0		282
Peru		0		138			0		138
South Africa		0		635			0		635
Turkey		0		349			0		349
United Kingdom		0		80			0		80
Venezuela		0		4			0		4
U.S. Government Agencies
United States		0		27,440			0		27,440
U.S. Treasury Obligations
United States		0		19,357			0		19,357
Warrants
Luxembourg
Financials		0		0			2		2
United States
Information Technology		0		0			1		1
Short-Term Instruments
Repurchase Agreements		0		1,525			0		1,525
Japan Treasury Bills		0		3,757			0		3,757
Argentina Treasury Bills		0		39			0		39
	$	47,989	$	124,701		$	662	$	173,352
Investments in Affiliates, at Value
Short-Term Instruments
Central Funds Used for Cash Management Purposes	$	14,965	$	0		$	0	$	14,965
Total Investments	$	62,954	$	124,701		$	662	$	188,317
Short Sales, at Value - Liabilities
U.S. Government Agencies
United States		0		(1,023	)		0		(1,023	)
	$	0	$	(1,023	)	$	0	$	(1,023	)

52 PIMCO EQUITY SERIES See Accompanying Notes

(Unaudited)

December 31, 2022

Category and Subcategory	Level 1			Level 2			Level 3		Fair Value at 12/31/2022
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	3		$	118		$	0	$	121
Over the counter		0			234			0		234
	$	3		$	352		$	0	$	355
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		(1	)		(88	)		0		(89	)
Over the counter		0			(578	)		0		(578	)
	$	(1	)	$	(666	)	$	0	$	(667	)
Total Financial Derivative Instruments	$	2		$	(314	)	$	0	$	(312	)
Totals	$	62,956		$	123,364		$	662	$	186,982

There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2022 53

Notes to Financial Statements

1. ORGANIZATION

PIMCO Equity Series (the “Trust”) was established as a Delaware statutory trust on March 30, 2010. The Trust is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. Information presented in these financial statements pertains to the Institutional Class, I-2, Class A and Class C shares of the PIMCO Dividend and Income Fund (the “Fund”). Pacific Investment Management Company LLC (“PIMCO”) serves as the investment adviser (the “Adviser”) for the Fund.

The Fund may invest in the least expensive class of shares of any actively managed or smart beta funds (including mutual funds or exchange-traded funds) of the Trust, or PIMCO ETF Trust or PIMCO Funds, each an affiliated open-end investment company, except funds of funds and PIMCO California Municipal Intermediate Value Fund, PIMCO California Municipal Opportunistic Value Fund, PIMCO National Municipal Intermediate Value Fund and PIMCO National Municipal Opportunistic Value Fund (“Underlying PIMCO Funds”), and may also invest in other unaffiliated funds and exchange-traded funds (collectively, “Acquired Funds”).

Hereinafter, the Board of Trustees of the Funds shall be collectively referred to as the “Board.”

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Fund is treated as an investment company under the reporting requirements of U.S. GAAP. The functional and reporting currency for the Fund is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statement of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statement of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statement of Operations. Income or short-term capital gain distributions received

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from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable.

(b) Foreign Currency Translation  The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Fund does not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Statement of Operations. The Fund may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Statement of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Statement of Operations.

(c) Multi-Class Operations  Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains (losses) are allocated daily based on the relative net assets of each class of the Fund. Class specific expenses, where applicable, currently include supervisory and administrative and distribution and servicing fees. Under certain circumstances, the per share net asset value (“NAV”) of a class of the Fund’s shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(d) Distributions to Shareholders  Distributions from net investment income, if any, are declared and distributed to shareholders quarterly. In addition, the Fund distributes any net capital gains it earns from the sale of portfolio securities to shareholders no less frequently than annually. Net short-term capital gains may be paid more frequently. The Fund may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP

SEMIANNUAL REPORT DECEMBER 31, 2022 55

Notes to Financial Statements (Cont.)

may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on the Fund’s annual financial statements presented under U.S. GAAP.

Separately, if the Fund determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable), and accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, the Fund determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between the Fund’s daily internal accounting records and practices, the Fund’s financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, the Fund’s internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for certain Funds, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that the Fund may not issue a Section 19 Notice in situations where the Fund’s financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution’s tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at the Fund’s fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statement of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statement of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(e) New Accounting Pronouncements and Regulatory Updates  In March 2020, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”), ASU 2020-04, which provides optional guidance to ease the potential accounting burden associated with transitioning away from the London Interbank Offered Rate and other reference rates that are expected to be discontinued. ASU 2020-04 is effective for certain reference rate-related contract modifications that occurred during the period March 12, 2020 through December 31, 2022. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. In December 2022, FASB issued ASU 2022-06, which includes amendments to extend the duration of the LIBOR transition relief to December 31, 2024, after which entities will no longer be permitted to apply the reference rate reform relief. Management is

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continuously evaluating the potential effect a discontinuation of LIBOR could have on the Fund’s investments and has determined that it is unlikely the ASU’s adoption will have a material impact on the Fund’s financial statements.

In October 2020, the U.S. Securities and Exchange Commission (“SEC”) adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, the rule requires funds that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. The effective date for the rule was February 19, 2021. The compliance date for the new rule and the related reporting requirements was August 19, 2022. Management has implemented changes in connection with the rule and has determined that there is no material impact to the Fund’s financial statements.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines “readily available market quotations” for purposes of the definition of “value” under the Act, and the SEC noted that this definition would apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022. Management has implemented changes in connection with the rule and has determined that there is no material impact to the Fund’s financial statements.

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820), which affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The effective date for the amendments in ASU 2022-03 is for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. At this time, management is evaluating the implications of these changes on the financial statements.

In October 2022, the SEC adopted changes to the mutual fund and ETF shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will change the disclosures provided to shareholders. The rule is effective as of January 24, 2023, but the SEC is providing an 18-month compliance period after the effective date other than for rule amendments addressing fee and expense information in advertisements that might be materially misleading. At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies  The NAV of the Fund’s shares, or each of its share classes as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Fund or class, less any liabilities, as applicable, by the total number of shares outstanding.

SEMIANNUAL REPORT DECEMBER 31, 2022 57

Notes to Financial Statements (Cont.)

On each day that the New York Stock Exchange (“NYSE”) is open, the Fund’s shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) (“NYSE Close”). Information that becomes known to the Fund or its agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, the Fund may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The Fund generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, the Fund may calculate its NAV as of the NYSE Close for such day or such other time that the Fund may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Fund will normally use pricing data for domestic equity securities received shortly after the NYSE Close and does not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange, or the NYSE Close, if the NYSE Close occurs before the end of trading on the foreign exchange.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee (“Valuation Designee”) for the Fund to perform the fair value determination relating to all Fund investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee’s policies and procedures govern the Valuation Designee’s selection and application of methodologies for determining and calculating the fair value of Fund investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, “Pricing Sources”).

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives, and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion

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of a Fund’s assets that are invested in one or more open-end management investment companies (other than ETFs), the Fund’s NAV will be calculated based on the NAVs of such investments. Open-end management investment companies may include affiliated funds.

If a foreign (non-U.S.) equity security’s value has materially changed after the close of the security’s primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, the Fund may determine the fair value of investments based on information provided by Pricing Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. The Fund may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument (“zero trigger”) between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in the Fund’s portfolio investments being affected when shareholders are unable to buy or sell shares.

Whole loans may be fair valued using inputs that take into account borrower- or loan-level data (e.g., credit risk of the borrower) that is updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically by the Fund normally will be taken into account in calculating the NAV. The Fund’s whole loan investments, including those originated by the Fund or through an alternative lending platform, generally are fair valued in accordance with procedures approved by the Board.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments and, in turn, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Trust is not open for business. As a result, to the extent that the Fund holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in the Fund’s next calculated NAV.

Fair valuation may require subjective determinations about the value of a security. While the Trust’s and Valuation Designee’s policies and procedures are intended to result in a calculation of the Fund’s NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that the Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Fund may differ from the value that would be realized if the securities were sold. The Fund’s use of fair valuation may also help to deter “stale price arbitrage” as discussed under the “Abusive Trading Practices” section in the Fund’s prospectus.

SEMIANNUAL REPORT DECEMBER 31, 2022 59

Notes to Financial Statements (Cont.)

Under certain circumstances, the per share NAV of a class of the Fund’s shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(b) Fair Value Hierarchy  U.S. GAAP describes fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2, or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2, and 3 of the fair value hierarchy are defined as follows:

^∎  Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

^∎  Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

^∎  Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for the Fund.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between Levels of the Fund’s assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy, and if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for the Fund.

(c) Valuation Techniques and the Fair Value Hierarchy

Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value  The valuation methods (or “techniques”) and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the

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extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities and non-U.S. bonds are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources’ internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

SEMIANNUAL REPORT DECEMBER 31, 2022 61

Notes to Financial Statements (Cont.)

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indices, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, LIBOR forward rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

Short-term debt instruments (such as commercial paper) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

The Fund may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III (“Central Funds”) to the extent permitted by the Act and rules thereunder. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Fund. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC’s website at www.sec.gov. A copy of each affiliate fund’s shareholder report is also available at the SEC’s website at www.sec.gov, on the Fund’s website at www.pimco.com, or upon request, as applicable. The table below shows the

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Fund’s transactions in and earnings from investments in the affiliated Fund for the period ended December 31, 2022 (amounts in thousands^†):

Investment in PIMCO Short-Term Floating NAV Portfolio III

Market Value 06/30/2022		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Market Value 12/31/2022		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
$	11,603	$	23,393	$	(20,045)	$	(2)	$	16	$	14,965	$	193	$	0

^†  A zero balance may reflect actual amounts rounding to less than one thousand.

⁽¹⁾  The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

(b) Investments in Securities

The Fund may utilize the investments and strategies described below to the extent permitted by the Fund’s investment policies.

Delayed-Delivery Transactions  involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Fund will designate or receive as collateral liquid assets in an amount sufficient to meet the purchase price or respective obligations. When purchasing a security on a delayed-delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. The Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain (loss). When the Fund has sold a security on a delayed-delivery basis, the Fund does not participate in future gains (losses) with respect to the security.

Inflation-Indexed Bonds  are fixed income securities whose principal value is periodically adjusted by the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statement of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Loans and Other Indebtedness, Loan Participations and Assignments  are direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers. The Fund’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties or investments in or originations of loans by the Fund or Funds. A loan is often administered by a bank or other financial institution (the “agent”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. The Fund may invest in multiple series or tranches of a loan, which may have

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varying terms and carry different associated risks. When the Fund purchases assignments from agents it acquires direct rights against the borrowers of the loans. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing through, for example, the issuance of bonds, frequently high yield bonds issued for the purpose of acquisitions.

The types of loans and related investments in which the Fund may invest include, among others, senior loans, subordinated loans (including second lien loans, B-Notes and mezzanine loans), whole loans, commercial real estate and other commercial loans and structured loans. The Fund may originate loans or acquire direct interests in loans through primary loan distributions and/or in private transactions. In the case of subordinated loans, there may be significant indebtedness ranking ahead of the borrower’s obligation to the holder of such a loan, including in the event of the borrower’s insolvency. Mezzanine loans are typically secured by a pledge of an equity interest in the mortgage borrower that owns the real estate rather than an interest in a mortgage.

Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, the Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. The Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, the Fund may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statement of Operations. Unfunded loan commitments are reflected as a liability on the Statement of Assets and Liabilities.

Mortgage-Related and Other Asset-Backed Securities  directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are created from pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. These securities provide a monthly payment which consists of both interest and principal. Interest may be determined by fixed or adjustable rates. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Many of the risks of investing in mortgage-related securities secured by commercial mortgage loans reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make lease payments, and the ability of a property to attract and retain tenants. These securities may be less liquid and may exhibit greater price volatility than other types of mortgage-related or other asset-backed securities. Other asset-backed securities are created from many types of assets, including, but not limited to,

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auto loans, accounts receivable, such as credit card receivables and hospital account receivables, home equity loans, student loans, boat loans, mobile home loans, recreational vehicle loans, manufactured housing loans, aircraft leases, computer leases and syndicated bank loans.

Collateralized Mortgage Obligations  (“CMOs”) are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as “tranches,” with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

Stripped Mortgage-Backed Securities  (“SMBS”) are derivative multi-class mortgage securities. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. An SMBS will have one class that will receive all of the interest (the interest-only or “IO” class), while the other class will receive the entire principal (the principal-only or “PO” class). Payments received for IOs are included in interest income on the Consolidated Statement of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Consolidated Statement of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Payment In-Kind Securities  may give the issuer the option at each interest payment date of making interest payments in either cash and/or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a dirty price) and require a pro rata adjustment from the unrealized appreciation (depreciation) on investments to interest receivable on the Statement of Assets and Liabilities.

Perpetual Bonds  are fixed income securities with no maturity date but pay a coupon in perpetuity (with no specified ending or maturity date). Unlike typical fixed income securities, there is no obligation for perpetual bonds to repay principal. The coupon payments, however, are mandatory. While perpetual bonds have no maturity date, they may have a callable date in which the perpetuity is eliminated and the issuer may return the principal received on the specified call date. Additionally, a perpetual bond may have additional features, such as interest rate increases at periodic dates or an increase as of a predetermined point in the future.

Real Estate Investment Trusts  (“REITs”) are pooled investment vehicles that own, and typically operate, income-producing real estate. If a REIT meets certain requirements, including distributing to shareholders substantially all of its taxable income (other than net capital gains), then it is not taxed on the income distributed to shareholders. Distributions received from REITs may be characterized as income, capital gain or a return of capital. A return of capital is recorded by the Fund as a reduction to the cost basis of its investment in the REIT. REITs are subject to management fees and other expenses, and so the Fund that invests in REITs will bear its proportionate share of the costs of the REITs’ operations.

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Notes to Financial Statements (Cont.)

Restricted Investments  are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933. Disposal of restricted investments may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Fund as of December 31, 2022, as applicable, are disclosed in the Notes to Schedule of Investments.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises  are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the “U.S. Treasury”); and others, such as those of the Federal National Mortgage Association (“FNMA” or “Fannie Mae”), are supported by the discretionary authority of the U.S. Government to purchase the agency’s obligations. U.S. Government securities may include zero coupon securities which do not distribute interest on a current basis and tend to be subject to a greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC issues Participation Certificates (“PCs”), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

In June 2019, FNMA and FHLMC started issuing Uniform Mortgage Backed Securities in place of their current offerings of TBA-eligible securities (the “Single Security Initiative”). The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

Roll-timing strategies can be used where the Fund seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Statement of Assets and Liabilities as an asset or liability, respectively. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that requires the Fund to post collateral in connection with its TBA transactions. There is no similar requirement applicable to the Fund’s TBA counterparties. The

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required collateralization of TBA trades could increase the cost of TBA transactions to the Fund and impose added operational complexity.

Warrants  are securities that are usually issued together with a debt security or preferred security and that give the holder the right to buy a proportionate amount of common stock at a specified price. Warrants normally have a life that is measured in years and entitle the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is issued. Warrants may entail greater risks than certain other types of investments. Generally, warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. If the market price of the underlying stock does not exceed the exercise price during the life of the warrant, the warrant will expire worthless. Warrants may increase the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities. Similarly, the percentage increase or decrease in the value of an equity security warrant may be greater than the percentage increase or decrease in the value of the underlying common stock. Warrants may relate to the purchase of equity or debt securities. Debt obligations with warrants attached to purchase equity securities have many characteristics of convertible securities and their prices may, to some degree, reflect the performance of the underlying stock. Debt obligations also may be issued with warrants attached to purchase additional debt securities at the same coupon rate. A decline in interest rates would permit the Fund to sell such warrants at a profit. If interest rates rise, these warrants would generally expire with no value.

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Fund may enter into the borrowings and other financing transactions described below to the extent permitted by the Fund’s investment policies.

The following disclosures contain information on the Fund’s ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by the Fund. The location of these instruments in the Fund’s financial statements is described below.

(a) Repurchase Agreements  Under the terms of a typical repurchase agreement, the Fund purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and the Fund to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Fund or counterparty at any time. The underlying securities for all repurchase agreements are held by the Fund’s custodian or designated subcustodians under tri-party repurchase agreements and in certain instances will remain in custody with the counterparty. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Statement of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statement of Operations. In periods of increased demand for collateral, the Fund may pay a fee for the receipt of collateral, which may result in interest expense to the Fund.

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Notes to Financial Statements (Cont.)

(b) Short Sales  Short sales are transactions in which the Fund sells a security that it may not own. The Fund may make short sales of securities to (i) offset potential declines in long positions in similar securities, (ii) to increase the flexibility of the Fund, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When the Fund engages in a short sale, it may borrow the security sold short and deliver it to the counterparty. The Fund will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statement of Assets and Liabilities. Short sales expose the Fund to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to the Fund. A short sale is “against the box” if the Fund holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. The Fund will be subject to additional risks to the extent that it engages in short sales that are not “against the box.” The Fund’s loss on a short sale could theoretically be unlimited in cases where the Fund is unable, for whatever reason, to close out its short position.

(c) Interfund Lending  In accordance with an exemptive order (the “Order”) from the SEC, each Fund of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund’s investment policies and restrictions. Each Fund is currently permitted to borrow under the Interfund Lending Program. A lending fund may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing fund may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the funds’ investment restrictions). If a borrowing funds’ total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended December 31, 2022, the Fund did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Fund may enter into the financial derivative instruments described below to the extent permitted by the Fund’s investment policies.

The following disclosures contain information on how and why the Fund uses financial derivative instruments, and how financial derivative instruments affect the Fund’s financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statement of Operations, each categorized by type of financial

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derivative contract and related risk exposure, are included in a table in the Notes to Schedule of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedule of Investments, serve as indicators of the volume of financial derivative activity for the Fund.

(a) Forward Foreign Currency Contracts  may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of the Fund’s securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by the Fund as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Statement of Assets and Liabilities. In addition, the Fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

(b) Futures Contracts  are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. The Fund may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Fund and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by the Fund (“Futures Variation Margin”). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statement of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Statement of Assets and Liabilities.

(c) Options Contracts  may be written or purchased to enhance returns or to hedge an existing position or future investment. The Fund may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase the Fund’s exposure to the underlying instrument. Writing call options tends to decrease the Fund’s exposure to the underlying instrument. When the Fund writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Statement of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts

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Notes to Financial Statements (Cont.)

paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The Fund as a writer of an option has no control over whether the underlying instrument may be sold (“call”) or purchased (“put”) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Fund may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase the Fund’s exposure to the underlying instrument. Purchasing put options tends to decrease the Fund’s exposure to the underlying instrument. The Fund pays a premium which is included as an asset on the Statement of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Credit Default Swaptions  may be written or purchased to hedge exposure to the credit risk of an investment without making a commitment to the underlying instrument. A credit default swaption is an option to sell or buy credit protection on a specific reference by entering into a pre-defined swap agreement by some specified date in the future.

Interest Rate Swaptions  may be written or purchased to enter into a pre-defined swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, by some specified date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

Options on Exchange-Traded Futures Contracts  (“Futures Option”) may be written or purchased to hedge an existing position or future investment, for speculative purposes or to manage exposure to market movements. A Futures Option is an option contract in which the underlying instrument is a single futures contract.

Options on Securities  may be written or purchased to enhance returns or to hedge an existing position or future investment. An option on a security uses a specified security as the underlying instrument for the option contract.

(d) Swap Agreements  are bilaterally negotiated agreements between the Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market (“OTC swaps”) or may be cleared through a third party, known as a central counterparty or derivatives clearing organization (“Centrally Cleared Swaps”). The Fund may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In

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connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statement of Operations. Daily changes in valuation of centrally cleared swaps (“Swap Variation Margin”), if any, are disclosed within centrally cleared financial derivative instruments on the Statement of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statement of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statement of Operations. Net periodic payments received or paid by the Fund are included as part of realized gain (loss) on the Statement of Operations.

For purposes of applying certain of the Fund’s investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by the Fund at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of the Fund’s investment policies and restrictions, the Fund will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of the Fund’s other investment policies and restrictions. For example, the Fund may value credit default swaps at full exposure value for purposes of the Fund’s credit quality guidelines (if any) because such value in general better reflects the Fund’s actual economic exposure during the term of the credit default swap agreement. As a result, the Fund may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in the Fund’s prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether the Fund is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by the Fund for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates or the values of the asset upon which the swap is based.

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Notes to Financial Statements (Cont.)

The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive. The risk may be mitigated by having a master netting arrangement between the Fund and the counterparty and by the posting of collateral to the Fund to cover the Fund’s exposure to the counterparty.

To the extent the Fund has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap agreements, such limitation only applies to counterparties to OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

Credit Default Swap Agreements  on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues are entered into to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where the Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer’s default. Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event that the referenced entity, obligation or index, as specified in the swap agreement, undergoes a certain credit event. As a seller of protection on credit default swap agreements, the Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the swap.

If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection’s right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the

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credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. Credit default swaps on credit indices may be used to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indices are instruments for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues as of period end, if any, are disclosed in the Notes to Schedule of Investments. They serve as an indicator of the current status of payment/performance risk and represent the likelihood or risk of default for the reference entity. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that the Fund as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which the Fund is the seller of protection are disclosed in the Notes to Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

Interest Rate Swap Agreements  may be entered into to help hedge against interest rate risk exposure and to maintain the Fund’s ability to generate income at prevailing market rates. The value of the fixed rate bonds that the Fund holds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Fund may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by the Fund with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under

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Notes to Financial Statements (Cont.)

which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap,” (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor,” (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

Total Return Swap Agreements  are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities, or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any. As a receiver, the Fund would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, the Fund would owe payments on any net positive total return, and would receive payments in the event of a net negative total return.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return, are listed below. Please see “Description of Principal Risks” in the Fund’s prospectus for a more detailed description of the risks of investing in the Fund.

Allocation Risk  is the risk that the Fund could lose money as a result of less than optimal or poor asset allocation decisions. The Fund could miss attractive investment opportunities by underweighting markets that subsequently experience significant returns and could lose value by overweighting markets that subsequently experience significant declines.

Acquired Fund Risk  is the risk that the Fund’s performance is closely related to the risks associated with the securities and other investments held by the Acquired Funds and that the ability of the Fund to achieve its investment objective will depend upon the ability of the Acquired Funds to achieve their investment objectives.

Equity Risk  is the risk that the value of equity securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity securities generally have greater price volatility than fixed income securities.

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Dividend-Oriented Stocks Risk  is the risk that companies that have paid regular dividends to shareholders may decrease or eliminate dividend payments in the future. A decrease in dividend payments by an issuer may result in a decrease in the value of the security held by the Fund or the Fund receiving less income. In addition, equity securities with higher dividend yields may be sensitive to changes in interest rates, and as interest rates rise, the prices of such securities may fall. The Fund’s use of a dividend capture strategy (i.e., purchasing an equity security shortly before the issuer pays a dividend and selling it shortly thereafter) exposes the Fund to higher portfolio turnover, increased trading costs, the potential for capital loss, particularly in the event of significant short- term price movements of stocks subject to dividend capture trading and may result in negative tax consequences.

Value Investing Risk  is the risk that a value stock may decrease in price or may not increase in price as anticipated by PIMCO if it continues to be undervalued by the market or the factors that the portfolio manager believes will cause the stock price to increase do not occur.

Foreign (Non-U.S.) Investment Risk  is the risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes, diplomatic developments or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

Emerging Markets Risk  is the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk.

Sovereign Debt Risk  is the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit event resulting from an issuer’s inability or unwillingness to make principal or interest payments in a timely fashion.

Market Risk  is the risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries.

Issuer Risk  is the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services.

Interest Rate Risk  is the risk that fixed income securities and dividend-paying equity securities will decline in value because of an increase in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration.

Call Risk  is the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons (e.g., declining interest rates, changes in credit spreads and improvements in the issuer’s

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Notes to Financial Statements (Cont.)

credit quality). If an issuer calls a security that the Fund has invested in, the Fund may not recoup the full amount of its initial investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features.

Credit Risk  is the risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.

High Yield and Distressed Company Risk  is the risk that high yield securities and unrated securities of similar credit quality (commonly known as “junk bonds”) and securities of distressed companies may be subject to greater levels of credit, issuer and liquidity risks. Securities of distressed companies include both debt and equity securities. High yield securities and debt securities of distressed companies are considered primarily speculative with respect to the issuer’s continuing ability to make principal and interest payments. Distressed companies may be engaged in restructurings or bankruptcy proceedings.

Currency Risk  is the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect the Fund’s investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

Real Estate Risk  is the risk that the Fund’s investments in Real Estate Investment Trusts (“REITs”) or real estate-linked derivative instruments will subject the Fund to risks similar to those associated with direct ownership of real estate, including losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes and operating expenses. The Fund’s investments in REITs or real

estate-linked derivative instruments subject it to management and tax risks. In addition, privately traded REITs subject the Fund to liquidity and valuation risk.

Liquidity Risk  is the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid investments at an advantageous time or price or achieve its desired level of exposure to a certain sector.

Leveraging Risk  is the risk that certain transactions of the Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss.

Management Risk  is the risk that the investment techniques and risk analyses applied by PIMCO, including the use of quantitative models or methods, will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio managers in connection with managing the Fund and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of the Fund will be achieved.

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Small-Cap and Mid-Cap Company Risk  is the risk that the value of securities issued by small- capitalization and mid-capitalization companies may go up or down, sometimes rapidly and unpredictably, due to narrow markets and limited managerial and financial resources.

Derivatives Risk  is the risk of investing in derivative instruments (such as forwards, futures, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and the Fund could lose more than the initial amount invested. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for the Fund. The Fund’s use of derivatives or other similar investments may result in losses to the Fund, a reduction in the Fund’s returns and/or increased volatility. Over- the-counter (“OTC”) derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivatives or other similar investments. The primary credit risk on derivatives that are exchange-traded or traded through a central clearing counterparty, resides with the Fund’s clearing broker or the clearinghouse. Changes in regulation relating to a registered fund’s use of derivatives and related instruments could potentially limit or impact the Fund’s ability to invest in derivatives, limit the Fund’s ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Fund’s performance.

Model Risk  is the risk that the Fund’s investment models used in making investment allocation decisions may not adequately take into account certain factors or may rely on inaccurate data, may contain design flaws or faulty assumptions, and may rely on incomplete or inaccurate data, any of which may result in a decline in the value of an investment in the Fund.

Mortgage-Related and Other Asset-Backed Securities Risk  is the risk of investing in mortgage- related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk.

Short Exposure Risk  is the risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to the Fund.

Exchange-Traded Fund Risk  is the risk that an exchange-traded fund may not track the performance of the index it is designed to track, among other reasons, because of exchange rules, market prices of shares of an exchange-traded fund may fluctuate rapidly and materially, or shares of an exchange-traded fund may trade significantly above or below net asset value, any of which may cause losses to the Fund invested in the exchange-traded fund.

Tracking Error Risk  is the risk that the portfolio of a Fund that seeks to track the investment results of an underlying index may not closely track the underlying index for a number of reasons. The Fund incurs operating expenses, which are not applicable to the underlying index, and the costs of buying

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Notes to Financial Statements (Cont.)

and selling securities, especially when rebalancing the Fund’s portfolio to reflect changes in the composition of the underlying index. Performance of the Fund and the underlying index may vary due to asset valuation differences and differences between the Fund’s portfolio and the underlying index due to legal restrictions, cost or liquidity restraints. The risk that performance of the Fund and the underlying index may vary may be heightened during periods of increased market volatility or other unusual market conditions. In addition, a Fund’s use of a representative sampling approach may cause the Fund to be less correlated to the return of the underlying index than if the Fund held all of the securities in the underlying index.

Indexing Risk  is the risk that an Underlying PIMCO Fund that seeks to track the investment results of an underlying index is negatively affected by general declines in the asset classes represented by the underlying index.

LIBOR Transition Risk  is the risk related to the anticipated discontinuation of the London Interbank Offered Rate (“LIBOR”). Certain instruments held by the Fund rely in some fashion upon LIBOR.

Although the transition process away from LIBOR has become increasingly well-defined in advance of the anticipated discontinuation date, there remains uncertainty regarding the nature of any replacement rate, and any potential effects of the transition away from LIBOR on the Fund or on certain instruments in which the Fund invests can be difficult to ascertain. The transition process may involve, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR and may result in a reduction in the value of certain instruments held by the Fund.

(b) Other Risks

In general, the Fund may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks. Please see the Fund’s prospectus and Statement of Additional Information for a more detailed description of the risks of investing in the Fund. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact the Fund’s performance.

Market Disruption Risk  The Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause the Fund to lose value. These events can also impair the technology and other operational systems upon which the Fund’s service providers, including PIMCO as the Fund’s investment adviser, rely, and could otherwise disrupt the Fund’s service providers’ ability to fulfill their obligations to the Fund. For example, the recent spread of an infectious respiratory illness caused by a novel strain of coronavirus (known as COVID-19) has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the Fund holds, and may adversely affect the Fund’s investments and operations. Please see the Important Information section for additional discussion of the COVID-19 pandemic.

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Government Intervention in Financial Markets Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which the Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which the Fund itself is regulated. Such legislation or regulation could limit or preclude the Fund’s ability to achieve its investment objective. Furthermore, volatile financial markets can expose the Fund to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Fund. The value of the Fund’s holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which the Fund invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk  Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way the Fund is regulated, affect the expenses incurred directly by the Fund and the value of its investments, and limit and/or preclude the Fund’s ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

Operational Risk  An investment in the Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Fund. While the Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.

Cyber Security Risk  As the use of technology has become more prevalent in the course of business, the Fund has become potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause the Fund to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Cyber security failures or breaches may result in financial losses to the Fund and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with the Fund’s ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Funds and their shareholders may suffer losses as a result of a cyber security breach related to the Funds, their service providers, trading counterparties or the issuers in which a Fund invests.

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Notes to Financial Statements (Cont.)

8. MASTER NETTING ARRANGEMENTS

The Fund may be subject to various netting arrangements (“Master Agreements”) with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow the Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes the Statement of Assets and Liabilities generally presents derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statement of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statement of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. The Fund’s overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively “Master Repo Agreements”) govern repurchase, reverse repurchase, and certain sale-buyback transactions between the Fund and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default, and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedule of Investments.

Master Securities Forward Transaction Agreements (“Master Forward Agreements”) govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between the Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedule of Investments.

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Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant (“FCM”) registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Fund assets in the segregated account. Portability of exposure reduces risk to the Fund. Variation margin, which reflects changes in market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin as of period end are disclosed in the Notes to Schedule of Investments.

Prime Broker Arrangements may be entered into to facilitate execution and/or clearing of listed equity option transactions or short sales of equity securities between the Fund and selected counterparties. The arrangements provide guidelines surrounding the rights, obligations, and other events, including, but not limited to, margin, execution, and settlement. These agreements maintain provisions for, among other things, payments, maintenance of collateral, events of default, and termination. Margin and other assets delivered as collateral are typically in the possession of the prime broker and would offset any obligations due to the prime broker. The market values of listed options and securities sold short and related collateral are disclosed in the Notes to Schedule of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes (“ISDA Master Agreements”) govern bilateral OTC derivative transactions entered into by the Fund with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Fund may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Fund is required by regulation to post additional collateral beyond coverage of daily exposure, it could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedule of Investments.

9. FEES AND EXPENSES

(a) Investment Advisory Fee  PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC (“Allianz Asset Management”) and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from the Fund at an annual rate based on average daily net assets (the “Investment Advisory Fee”). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

(b) Supervisory and Administrative Fee  PIMCO serves as administrator (the “Administrator”) and provides supervisory and administrative services to the Trust for which it receives a monthly

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Notes to Financial Statements (Cont.)

supervisory and administrative fee based on each share class’s average daily net assets (the “Supervisory and Administrative Fee”). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

The Investment Advisory Fee and Supervisory and Administrative Fees for all classes, as applicable, are charged at the annual rate as noted in the following table (calculated as a percentage of the Fund’s average daily net assets attributable to each class):

Investment Advisory Fee	Supervisory and Administrative Fee
All Classes	Institutional Class	I-2	I-3	Class A	Class C
0.44%	0.25%	0.35%	0.45%*(1)	0.35%	0.35%

⁽¹⁾  PIMCO has contractually agreed, through October 31, 2023, to waive its supervisory and administrative fee for I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of the Fund.

* This particular share class has been registered with the SEC, but has not yet launched.

(c) Distribution and Servicing Fees  PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor (“Distributor”) of the Trust’s shares.

The Trust has adopted separate Distribution and Servicing Plans with respect to the Class A and Class C shares of the Trust pursuant to Rule 12b-1 under the Act. In connection with the distribution of Class C shares of the Trust, the Distributor receives distribution fees from the Trust of up to 0.75% for Class C shares, and in connection with personal services rendered to Class A and Class C shareholders and the maintenance of such shareholder accounts, the Distributor receives servicing fees from the Trust of up to 0.25% for each of Class A and Class C shares (percentages reflect annual rates of the average daily net assets attributable to the applicable class).

The Trust paid distribution and servicing fees at effective rates as noted in the following table (calculated as a percentage of the Fund’s average daily net assets attributable to each class):

	Distribution Fee		Servicing Fee
Class A		—		0.25%
Class C		0.75%		0.25%

The Distributor also received the proceeds of the initial sales charges paid by the shareholders upon the purchase of Class A shares and the contingent deferred sales charges paid by the shareholders upon certain redemptions of Class A and Class C shares. For the period ended December 31, 2022, the Distributor retained $12,068 representing commissions (sales charges) and contingent deferred sales charges, net of any commission adjustments payable by the Distributor to broker dealers, from the Trust.

(d) Fund Expenses  PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Fund, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust’s executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) costs of borrowing money, including

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interest expenses; (v) fees and expenses of the Trustees who are not “interested persons” of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Fund, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, and may include certain other expenses as permitted by the Trust’s Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses per share class.

The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

(e) Expense Limitation  Pursuant to the Expense Limitation Agreement, PIMCO has agreed, through October 31, 2023, to waive a portion of the Fund’s Supervisory and Administrative Fee, or reimburse the Fund, to the extent that the Fund’s organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee Fees exceed 0.0049% (the “Expense Limit”) (calculated as a percentage of the Fund’s average daily net assets attributable to each class). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

In any month in which the investment advisory contract or supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by the Fund of any portion of the supervisory and administrative fee waived or reimbursed as set forth above (the “Reimbursement Amount”) within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit; ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. The total recoverable amounts to PIMCO at December 31, 2022, were as follows (amounts in thousands^†):

Expiring within
12 months		13-24 months		25-36 months		Total
$	14	$	14	$	13	$	41

^†  A zero balance may reflect actual amounts rounding to less than one thousand.

Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through October 31, 2023, to waive its supervisory and administrative fee for I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of the Fund. This Fee Waiver Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

SEMIANNUAL REPORT DECEMBER 31, 2022 83

Notes to Financial Statements (Cont.)

Pursuant to the Expense Limitation Agreement and I-3 Fee Waiver Agreement, waiver amounts are reflected on the Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended December 31, 2022, the amount was $5,903.

(f) Acquired Fund Fees and Expenses  Acquired Fund expenses incurred by the Fund, if any, will vary with changes in the expenses of the Acquired Funds, as well as the allocation of the Fund’s assets.

The expenses associated with investing in a fund of funds are generally higher than those for mutual funds that do not invest in other mutual funds. The cost of investing in a fund of funds will generally be higher than the cost of investing in a mutual fund that invests directly in individual stocks and bonds. By investing in a fund of funds, an investor will indirectly bear fees and expenses charged by Acquired Funds in addition to the Fund’s direct fees and expenses. In addition, the use of a fund of funds structure could affect the timing, amount and character of distributions to the shareholders and may therefore increase the amount of taxes payable by shareholders.

PIMCO has contractually agreed, through October 31, 2023, to waive, first, the Investment Advisory Fee and, second, to the extent necessary, the Supervisory and Administrative Fee it receives from the Fund in an amount equal to its proportionate share of the Investment Advisory Fees and Supervisory and Administrative Fees charged by PIMCO to the Underlying Funds in which the Fund invests (the “Underlying Fund Fees”) indirectly incurred by the Fund in connection with its investments in Underlying Funds, to the extent the Fund’s Investment Advisory Fee or Investment Advisory Fee and Supervisory and Administrative Fee, taken together, are greater than or equal to the Underlying Fund Fees. This waiver will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

The waivers are reflected on the Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended December 31, 2022, there were no waived amounts.

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statement of Assets and Liabilities.

The Fund is permitted to purchase or sell securities from or to certain related affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that are, or could be, considered an affiliate, or an affiliate of an affiliate, by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with applicable SEC rules and interpretations under the Act. Further, as defined under the procedures, each transaction is effected at the current market price. Purchases and sales of securities pursuant to applicable SEC rules and interpretations under the Act for the period ended December 31, 2022, were as follows (amounts in thousands^†):

Purchases		Sales		Realized Gain/(Loss)
$	0	$	155	$	(18	)

^† A zero balance may reflect actual amounts rounding to less than one thousand.

84 PIMCO EQUITY SERIES

(Unaudited)

December 31, 2022

11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust’s organizational documents, each Trustee or officer of the Trust is indemnified and each employee or other agent of the Trust (including the Trust’s investment manager) may be indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Fund has not had prior claims or losses pursuant to these contracts.

12. PURCHASES AND SALES OF SECURITIES

The length of time the Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Fund is known as “portfolio turnover.” The Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by the Fund. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates when distributed to shareholders). The transaction costs associated with portfolio turnover may adversely affect the Fund’s performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended December 31, 2022, were as follows (amounts in thousands^†):

U.S. Government/Agency				All Other
Purchases		Sales		Purchases		Sales
$	224,658	$	206,569	$	34,457	$	50,283

^†  A zero balance may reflect actual amounts rounding to less than one thousand.

13. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands^†):

	Six Months Ended 12/31/2022				Year Ended 06/30/2022
	Shares		Amount		Shares		Amount
Receipts for shares sold
Institutional Class		229	$	2,593		705	$	8,804
I-2		141		1,583		868		10,873
Class A		869		9,869		1,504		18,602
Class C		239		2,711		375		4,638
Issued as reinvestment of distributions
Institutional Class		57		646		71		892
I-2		51		574		35		436
Class A		410		4,614		272		3,395
Class C		52		590		32		395

SEMIANNUAL REPORT DECEMBER 31, 2022 85

Notes to Financial Statements (Cont.)

	Six Months Ended 12/31/2022						Year Ended 06/30/2022
	Shares			Amount			Shares			Amount
Cost of shares redeemed
Institutional Class		(138	)	$	(1,566	)		(2,216	)	$	(27,101	)
I-2		(371	)		(4,234	)		(887	)		(11,108	)
Class A		(1,150	)		(12,943	)		(1,892	)		(23,450	)
Class C		(249	)		(2,817	)		(564	)		(7,015	)
Net increase (decrease) resulting from Fund share transactions		140		$	1,620			(1,697	)	$	(20,639	)

^† A zero balance may reflect actual amounts rounding to less than one thousand.

14. REGULATORY AND LITIGATION MATTERS

The Fund is not named as a defendant in any material litigation or arbitration proceedings and is not aware of any material litigation or claim pending or threatened against it.

On May 17, 2022, Allianz Global Investors U.S. LLC (“AGI U.S.”) pleaded guilty in connection with the proceeding United States of America v. Allianz Global Investors U.S. LLC. AGI U.S. is an indirect subsidiary of Allianz SE. The conduct resulting in the matter described above occurred entirely within AGI U.S. and did not involve PIMCO or the Distributor, or any personnel of PIMCO or the Distributor. Nevertheless, because of the disqualifying conduct of AGI U.S., their affiliate, PIMCO would have been disqualified from serving as the investment adviser, and the Distributor would have been disqualified from serving as the principal underwriter, to the Fund in the absence of SEC exemptive relief. PIMCO and the Distributor have received exemptive relief from the SEC to permit them to continue serving as investment adviser and principal underwriter for U.S.- registered investment companies, including the Fund.

The foregoing speaks only as of the date of this report.

15. FEDERAL INCOME TAX MATTERS

The Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the “Code”) and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

The Fund may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

In accordance with U.S. GAAP, the Adviser has reviewed the Fund’s tax positions for all open tax years. As of December 31, 2022, the Fund has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions it has taken or expects to take in future tax returns.

The Fund files U.S. federal, state, and local tax returns as required. The Fund’s tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

86 PIMCO EQUITY SERIES

(Unaudited)

December 31, 2022

Under the Regulated Investment Company Modernization Act of 2010, a fund is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

As of its last fiscal year ended June 30, 2022, the Fund had the following post-effective capital losses with no expiration (amounts in thousands^†):

Short-Term		Long-Term
$	63,808	$	22,390

^†  A zero balance may reflect actual amounts rounding to less than one thousand.

As of December 31, 2022, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands^†):

	Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)(1)
PIMCO Dividend and Income Fund	$	190,731	$	16,196	$	(17,951	)	$	(1,755	)

^†  A zero balance may reflect actual amounts rounding to less than one thousand.

⁽¹⁾  Primary differences, if any, between book and tax net unrealized appreciation/(depreciation) are attributable to wash sale loss deferrals for federal income tax purposes.

SEMIANNUAL REPORT DECEMBER 31, 2022 87

Glossary: (abbreviations that may be used in the preceding statements)

(Unaudited)

Counterparty Abbreviations:
BOA	Bank of America N.A.	MBC	HSBC Bank Plc
BPS	BNP Paribas S.A.	MYC	Morgan Stanley Capital Services LLC
BRC	Barclays Bank PLC	MYI	Morgan Stanley & Co. International PLC
CBK	Citibank N.A.	NGF	Nomura Global Financial Products, Inc.
DUB	Deutsche Bank AG	RBC	Royal Bank of Canada
FAR	Wells Fargo Bank National Association	RYL	NatWest Markets Plc
FICC	Fixed Income Clearing Corporation	SAL	Citigroup Global Markets, Inc.
GLM	Goldman Sachs Bank USA	SCX	Standard Chartered Bank, London
GST	Goldman Sachs International	SSB	State Street Bank and Trust Co.
HUS	HSBC Bank USA N.A.	UAG	UBS AG Stamford
JPM	JP Morgan Chase Bank N.A.
Currency Abbreviations:
ARS	Argentine Peso	JPY	Japanese Yen
AUD	Australian Dollar	KRW	South Korean Won
BRL	Brazilian Real	MXN	Mexican Peso
CAD	Canadian Dollar	NOK	Norwegian Krone
CLP	Chilean Peso	NZD	New Zealand Dollar
CNH	Chinese Renminbi (Offshore)	PEN	Peruvian New Sol
EUR	Euro	TWD	Taiwanese Dollar
GBP	British Pound	USD (or $)	United States Dollar
IDR	Indonesian Rupiah	ZAR	South African Rand
Exchange Abbreviations:
CME	Chicago Mercantile Exchange	OTC	Over the Counter
Index/Spread Abbreviations:
BADLARPP	Argentina Badlar Floating Rate Notes	LIBOR03M	3 Month USD-LIBOR
CDX.EM	Credit Derivatives Index - Emerging Markets	MUTKCALM	Tokyo Overnight Average Rate
CDX.HY	Credit Derivatives Index - High Yield	SOFR	Secured Overnight Financing Rate
CDX.IG	Credit Derivatives Index - Investment Grade	SONIO	Sterling Overnight Interbank Average Rate
CMBX	Commercial Mortgage-Backed Index	UKRPI	United Kingdom Retail Prices Index
LIBOR01M	1 Month USD-LIBOR	US0003M	ICE 3-Month USD LIBOR
Other Abbreviations:
BABs	Build America Bonds	Lunar	Monthly payment based on 28-day periods. One year consists of 13 periods.
BBR	Bank Bill Rate	OIS	Overnight Index Swap
BBSW	Bank Bill Swap Reference Rate	PIK	Payment-in-Kind
BRL-CDI	Brazil Interbank Deposit Rate	REIT	Real Estate Investment Trust
DAC	Designated Activity Company	TBA	To-Be-Announced
EURIBOR	Euro Interbank Offered Rate	TBD	To-Be-Determined
JIBAR	Johannesburg Interbank Agreed Rate	TBD%	Interest rate to be determined when loan settles or at the time of funding
LIBOR	London Interbank Offered Rate	TIIE	Tasa de Interés Interbancaria de Equilibrio “Equilibrium Interbank Interest Rate”

88 PIMCO EQUITY SERIES

Distribution Information

(Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the “Act”), the Fund estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended December 31, 2022 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

PIMCO Dividend and Income Fund

Institutional Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
September 2022	$	0.1118	$	0.0000	$	0.0000	$	0.1118
December 2022	$	0.4359	$	0.0000	$	0.0000	$	0.4359
I-2	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
September 2022	$	0.1096	$	0.0000	$	0.0000	$	0.1096
December 2022	$	0.4312	$	0.0000	$	0.0000	$	0.4312
Class A	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
September 2022	$	0.1051	$	0.0000	$	0.0000	$	0.1051
December 2022	$	0.4225	$	0.0000	$	0.0000	$	0.4225
Class C	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
September 2022	$	0.0906	$	0.0000	$	0.0000	$	0.0906
December 2022	$	0.3968	$	0.0000	$	0.0000	$	0.3968

* The source of dividends provided in the table differs, in some respects, from information presented in this report prepared in accordance with generally accepted accounting principles, or U.S. GAAP. For example, net earnings from certain interest rate swap contracts are included as a source of net investment income for purposes of Section 19(a). Accordingly, the information in the table may differ from information in the accompanying financial statements that are presented on the basis of U.S. GAAP and may differ from tax information presented in the footnotes. Amounts shown may include accumulated, as well as fiscal period net income and net profits.

** Occurs when a fund distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a fund’s net income, yield, earnings or investment performance.

SEMIANNUAL REPORT DECEMBER 31, 2022 89

Approval of Investment Advisory Contract and Other Agreements

Approval of Renewal of the Investment Advisory Contract and Other Agreements

At a meeting held on August 23-24, 2022, the Board of Trustees (the “Board”) of PIMCO Equity Series (the “Trust”), including the Trustees who are not “interested persons” of the Trust under the Investment Company Act of 1940, as amended (the “Independent Trustees”), considered and unanimously approved the renewal of the Investment Advisory Contract (the “Investment Advisory Contract”) between the Trust, on behalf of PIMCO Dividend and Income Fund, PIMCO RAE Emerging Markets Fund, PIMCO RAE Global ex-US Fund, PIMCO RAE International Fund, PIMCO RAE US Fund, PIMCO RAE US Small Fund, PIMCO REALPATH^® Blend Income Fund, PIMCO REALPATH^® Blend 2025 Fund, PIMCO REALPATH^® Blend 2030 Fund, PIMCO REALPATH^® Blend 2035 Fund, PIMCO REALPATH^® Blend 2040 Fund, PIMCO REALPATH^® Blend 2045 Fund, PIMCO REALPATH^® Blend 2050 Fund, PIMCO REALPATH^® Blend 2055 Fund and PIMCO REALPATH^® Blend 2060 Fund (each, a “Fund” and collectively, the “Funds”), and Pacific Investment Management Company LLC (“PIMCO”), for an additional one-year term through August 31, 2023. The Board also considered and unanimously approved the renewal of the Second Amended and Restated Supervision and Administration Agreement (the “Supervision and Administration Agreement”) between the Trust, on behalf of the Funds, and PIMCO for an additional one-year term through August 31, 2023.

In addition, the Board considered and unanimously approved the renewal of the Second Amended and Restated Sub-Advisory Agreement (the “Sub-Advisory Agreement” and, together with the Investment Advisory Contract and the Supervision and Administration Agreement, the “Agreements”) between PIMCO, on behalf of PIMCO RAE Emerging Markets Fund, PIMCO RAE Global ex-US Fund, PIMCO RAE International Fund, PIMCO RAE US Fund and PIMCO RAE US Small Fund (the “RAE Funds”), each a series of the Trust, and Research Affiliates, LLC (“Research Affiliates”) for an additional one-year term through August 31, 2023.

At a meeting held on November 15-16, 2022, the Board, including all of the Independent Trustees, considered and unanimously approved the Amended and Restated Investment Advisory Contract (the “New Fund Investment Advisory Contract”) and the Second Amended and Restated Supervision and Administration Agreement (the “New Fund Supervision and Administration Agreement” and together with the New Fund Investment Advisory Contract, the “New Fund Agreements”) between the Trust, on behalf of PIMCO REALPATH^® Blend 2065 Fund ( the “New Fund”) and PIMCO for an initial two-year term.

The information, material factors and conclusions that formed the basis for the Board’s approvals are summarized below.

1. INFORMATION RECEIVED

(a) Materials Reviewed:  During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO and Research Affiliates to the Trust. At each of its quarterly meetings, the Board reviewed the Funds’ investment performance and a significant amount of information relating to Fund operations, including shareholder services, valuation and custody, the Funds’ compliance program and other information relating to the nature, extent and quality of services provided by PIMCO and Research Affiliates to the Trust and each of the Funds, as

90 PIMCO EQUITY SERIES

(Unaudited)

applicable. In considering whether to approve the renewal of the Agreements, the Board reviewed additional information, including, but not limited to: comparative industry data with regard to investment performance; advisory and supervisory and administrative fees and expenses; financial information for PIMCO, including, where relevant, financial information for Research Affiliates; information regarding the profitability to PIMCO of its relationship with the Funds; information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Funds; and information about the fees charged and services provided to other clients with similar investment mandates as the Funds, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees (“Counsel”), which included, among other things, a memorandum outlining legal duties of the Board in considering the renewal of the Agreements.

In considering whether to approve the New Fund Agreements, the Board reviewed materials provided by PIMCO, which included, among other things, information relating to the New Fund’s operations and comparative data with regard to portfolios with investment objectives and policies similar to those of the New Fund. In addition, the Board reviewed materials provided by Counsel, which included, among other things, memoranda outlining legal duties of the Board in considering the approval of the New Fund Agreements. The Board also reviewed information about the personnel who would be providing investment management services, other advisory services and supervisory and administrative services to the New Fund.

(b) Review Process:  In connection with considering the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates in response to requests from Counsel encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared at the Board’s request by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Agreements and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 23-24, 2022 meeting. The Independent Trustees also met via video conference with Counsel on July 14, 2022, and conducted a video conference meeting on August 10, 2022 with management and Counsel to discuss the materials presented and other matters deemed relevant to their consideration of the renewal of the Agreements. In connection with its review of the Agreements, the Board received comparative information on the performance, the risk-adjusted performance and the fees and expenses of other peer group funds and share classes. The Independent Trustees also requested and received supplemental information, including information regarding Broadridge peer classifications, the expense structure of certain Funds and classes, outflows for certain Funds, Fund performance and profitability.

In connection with the approval of the New Fund Agreements, the Board reviewed written materials prepared by PIMCO. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel. The Board heard oral presentations on matters related to the New Fund Agreements at the November 15-16, 2022 meeting with respect to the New Fund.

The approval determinations were made on the basis of each Trustee’s business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given

SEMIANNUAL REPORT DECEMBER 31, 2022 91

Approval of Investment Advisory Contract and Other Agreements (Cont.)

different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Agreements and approve the New Fund Agreements, the Board did not identify any single factor or particular information that, in isolation, was controlling. The discussion below is intended to summarize the broad factors and information that figured prominently in the Board’s consideration of the renewal of the Agreements and approve the New Fund Agreements, but is not intended to summarize all of the factors considered by the Board.

2. NATURE, EXTENT AND QUALITY OF SERVICES

(a) PIMCO, Research Affiliates, their Personnel and Resources:  The Board considered the depth and quality of PIMCO’s investment management process, including, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Funds’ asset levels. The Board also considered the various services in addition to portfolio management that PIMCO provides under the Investment Advisory Contract. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to investment management, compliance, trading, performance and portfolio accounting. The Board also noted PIMCO’s commitment to enhancing and investing in its global infrastructure, technology capabilities, risk management processes and the specialized talent needed to stay at the forefront of the competitive investment management industry and to strengthen its ability to deliver services under the Agreements. The Board considered PIMCO’s policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including new regulations impacting the Funds, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the Funds’ investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the Funds and their shareholders. The Board also considered PIMCO’s investment in new disciplines and talented personnel, which has enhanced PIMCO’s services to the Funds and has allowed PIMCO to introduce innovative new funds over time.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including the ongoing development of its own proprietary software and applications to support the Funds.

Similarly, the Board considered the sub-advisory services provided by Research Affiliates to the RAE Funds. The Board further considered PIMCO’s oversight of Research Affiliates in connection with Research Affiliates providing sub-advisory services to the RAE Funds. The Board also considered the depth and quality of Research Affiliates’ investment management and research capabilities, the experience and capabilities of their portfolio management personnel and the overall financial strength of the organization.

Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Agreements and provided by Research Affiliates under the Sub-Advisory Agreement are likely to continue to benefit the Funds and their shareholders, as applicable.

(b) Other Services:  The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Funds under the Supervision and Administration

92 PIMCO EQUITY SERIES

(Unaudited)

Agreement. The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the “unified fee”). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Funds, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration Agreement continue to increase. The Board considered PIMCO’s provision of supervisory and administrative services and its supervision of the Trust’s third party service providers to assure that these service providers continue to provide a high level of service relative to alternatives available in the market.

Ultimately, the Board concluded that the nature, extent and quality of the services provided or procured by PIMCO has benefited, and will likely continue to benefit, the Funds and their shareholders.

With respect to the New Fund, the Board also considered the nature, extent and quality of services to be provided by PIMCO to the New Fund under the New Fund Agreements, as well as PIMCO’s provision of these services to other series of the Trust and its supervision of the Trust’s third party service providers. The Board concluded that the nature, extent and quality of services to be provided by PIMCO would likely benefit the New Fund and its shareholders.

3. INVESTMENT PERFORMANCE

As the New Fund had not yet commenced operations at the time the New Fund Agreements were considered, the Trustees did not receive or consider investment performance information for the New Fund.

The Board reviewed information from PIMCO concerning the Funds’ performance, as available, over short- and long-term periods ended March 31, 2022 and other performance data, as available, over short- and long-term periods ended June 30, 2022 (the “PIMCO Report”) and from Broadridge concerning the Funds’ performance, as available, over short- and long-term periods ended March 31, 2022 (the “Broadridge Report”). The Board also noted that while historically the Broadridge Report included peer classifications from only Lipper, as part of this approval process the Broadridge Report incorporated peer classifications from Morningstar for Funds for which it was believed that Morningstar provided a materially improved comparison.

The Board considered information regarding both the short- and long-term relative and absolute investment performance of each Fund relative to its Fund peer group, where appropriate, and relevant benchmark index as provided to the Board in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Broadridge Report.

The Trustees noted the Funds (based on Institutional Class performance) that outperformed their respective benchmark indexes on a net-of-fees basis over the one-, three- and five-year periods ended June 30, 2022. The Board also noted the amounts of the Funds’ assets (based on Institutional Class performance) that outperformed their relevant benchmark indexes on a net-of-fees basis over the one-, three- and five-year periods ended June 30, 2022. The Board discussed these and other performance-related developments. The Board considered that, according to the Broadridge Report,

SEMIANNUAL REPORT DECEMBER 31, 2022 93

Approval of Investment Advisory Contract and Other Agreements (Cont.)

the Funds generally performed well versus competitors during the long-term, but that certain Funds had underperformed in comparison to their respective peer groups or benchmark indexes, or both, on a net-of-fees basis over certain short- and long-term periods. With respect to Funds that underperformed to a certain degree over such periods, the Board discussed with PIMCO the reasons for the underperformance of such Funds. The Board also considered actions that have been taken by PIMCO throughout the year to attempt to address underperformance. Depending on the circumstances, the Independent Trustees may be satisfied with a Fund’s performance notwithstanding that it lags its benchmark index or peer group for certain periods. The Board ultimately concluded, within the context of all of its considerations in connection with the Agreements, that PIMCO’s performance record and process in managing the Funds indicates that its continued management is likely to benefit the Funds and their shareholders, and merits the approval of the renewal of the Agreements.

4. ADVISORY FEES, SUPERVISORY AND ADMINISTRATIVE FEES AND TOTAL EXPENSES

The Board considered that PIMCO seeks to price new funds to scale at the outset. The Board noted that PIMCO generally seeks to price new funds competitively against the median total expense ratio of the respective Broadridge peer group, if available, while acknowledging that a fee premium may be appropriate for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Fund or class of shares, it considers a number of factors, including, but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services, and the competitive marketplace for financial products. Fees charged to or proposed for different Funds for advisory services and supervisory and administrative services may vary in light of these various factors. The Board also considered that PIMCO reviews the Funds’ fee levels and carefully considers changes where appropriate due to competitive positioning considerations, observed long-term notable underperformance and significant misalignments with the level or quality of services being provided or a change in the overall strategic positioning of the Funds.

The Board reviewed the advisory fees, supervisory and administrative fees and total expenses of the Funds (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. The Board also reviewed information relating to the sub-advisory fees paid to Research Affiliates with respect to applicable Funds, taking into account that PIMCO compensates Research Affiliates from the advisory fees paid by such Funds to PIMCO. With respect to advisory fees, the Board reviewed data from the Broadridge Report that compared the average and median advisory fees of other funds in a “Peer Group” of comparable funds, where appropriate, as well as the universe of other similar funds. The Board also considered that PIMCO reviews the Funds’ fee levels and carefully considers changes where appropriate. The Board also reviewed data comparing certain Funds’ advisory fees to the fee rates PIMCO charged to private funds, separate accounts, sub-advised clients, and collective investment trusts with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Funds, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in the advisory and other services provided by PIMCO to the Funds, differences in the number or extent of the services provided by PIMCO to the Funds, the manner in which similar portfolios may be managed, different requirements with respect to liquidity

94 PIMCO EQUITY SERIES

(Unaudited)

management and the implementation of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees.

The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as compared to separate accounts, external sub-advised funds or other investment products. In addition, the Trustees considered that PIMCO may charge certain private funds with similar investment mandates lower fees than the Funds because such private funds are not required to accept daily redemptions or price their assets on a daily basis, generally do not accept small investors with small account balances and operate under a less complex regulatory regime.

Regarding advisory fees charged by PIMCO in its capacity as sub-adviser to third party/unaffiliated funds, the Trustees took into account that such fees may be lower than the fees charged by PIMCO to serve as adviser to the Funds. The Trustees also took into account that there are various reasons for any such differences in fees, including, but not limited to, the fact that PIMCO may be subject to varying levels of entrepreneurial, legal and regulatory risk and different servicing requirements when PIMCO does not serve as the sponsor of a fund and is not principally responsible for all aspects of a fund’s investment program and operations as compared to when PIMCO serves as investment adviser and sponsor.

The Board considered the Funds’ supervisory and administrative fees, comparing them to similar funds managed by other investment advisers in the Broadridge Report. The Board also considered that as the Funds’ business has become increasingly complex and the number of Funds has grown over time, PIMCO has provided an increasingly broad array of fund supervisory and administrative functions. In addition, the Board considered the Trust’s unified fee structure, under which the Trust pays for the supervisory and administrative services it requires for one set fee. In return for this unified fee, PIMCO provides or procures supervisory and administrative services and bears the costs of various third party services required by the Funds, including audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for comparable services separately, and thus it is difficult to directly compare the Trust’s unified supervisory and administrative fees with the fees paid by other funds for administrative services alone. The Board also considered that the unified supervisory and administrative fee leads to Fund fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Fund fees at competitive levels over the contract period even if the Funds’ operating costs rise when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO’s approach of pricing Funds at scale at inception and reinvesting in other important areas of the business that support the Funds. The Board concluded that the Funds’ supervisory and administrative fees were reasonable in relation to the value of the services provided, including the services provided to different classes of shareholders, and that the expenses assumed contractually by PIMCO under the Supervision and Administration Agreement represent, in effect, a cap on overall Fund fees during the contractual period, which is beneficial to the Funds and their shareholders.

SEMIANNUAL REPORT DECEMBER 31, 2022 95

Approval of Investment Advisory Contract and Other Agreements (Cont.)

The Board noted that in most cases the Funds’ total expense ratios were lower than the total expense ratios of competitor funds. The Board discussed with PIMCO certain Funds and/or classes of Funds that had above median total expenses. Upon comparing the Funds’ total expenses to other funds in the “Peer Groups” provided by the Broadridge Report where appropriate, the Board found total expenses of each Fund to be reasonable.

The Trustees also considered the advisory fees charged to the Funds that operate as funds of funds (the “Funds of Funds”) and the advisory services provided in exchange for such fees. The Trustees determined that such services were in addition to the advisory services provided to the underlying funds in which the Funds of Funds may invest and, therefore, such services were not duplicative of the advisory services provided to the underlying funds. The Board also considered the expense limitation agreement in place for all of the Funds and the various fee waiver agreements in place for certain of the Funds and/or classes and the Funds of Funds. Based on the information presented by PIMCO, Research Affiliates and Broadridge, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the Agreements, that the fees charged by Research Affiliates under the Sub-Advisory Agreement, and that the total expenses of each Fund are reasonable.

With respect to the New Fund, PIMCO reported to the Board that, in considering fees for the New Fund, it analyzed a number of factors, including the type and complexity of the services to be provided, the cost of providing services, the risk assumed by PIMCO in the provision of services, the impact on potential returns from different levels of fees, the competitive marketplace for financial products, and the attractiveness of potential returns to prospective investors. Based on the information presented by PIMCO, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the New Fund Agreements were reasonable.

5. ADVISER COSTS, LEVEL OF PROFITS AND ECONOMIES OF SCALE

As the New Fund had not yet commenced operations at the time the New Fund Agreements were considered, information regarding PIMCO’s costs in providing services to the New Fund and the profitability of PIMCO’s relationship with the New Fund was not available.

The Board reviewed information regarding PIMCO’s costs of providing services to the Funds as a whole, as well as the resulting level of profits attributable to the Funds. The Board also noted that it had received information regarding the structure and manner in which PIMCO’s investment professionals were compensated and PIMCO’s view of the relationship of such compensation to the recruitment and retention of quality personnel. The Board considered PIMCO’s investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce existing services, offer new services, and accommodate changing regulatory requirements.

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Funds, PIMCO shares the benefits of such economies of scale, if any, with the Funds and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision,

96 PIMCO EQUITY SERIES

(Unaudited)

governance and oversight of those services; and through fee reductions or waivers, the pricing of Funds to scale from inception and the enhancement of services provided to the Funds in return for fees paid. In considering the advisory fees paid by the Funds, the Board also reviewed materials indicating that retail investors in the Funds received the benefit of PIMCO’s advisory services at the same advisory fee rates as institutional investors. The Board considered that the Funds’ unified fee rates had been set competitively and/or priced to scale from inception and continued to be competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing a Fund’s shareholders of the fees associated with the Fund, and that the Fund bears certain expenses that are not covered by the advisory fee or the unified fee. The Board further considered the challenges that arise when managing large funds, which can result in certain “diseconomies” of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Funds.

The Trustees considered that the unified fee has provided inherent economies of scale because a Fund maintains competitive fixed fees over the annual contract period even if the particular Fund’s assets decline and/or operating costs rise. The Trustees also reviewed materials indicating that, unlike the Funds’ unified fee structure, funds with “pass through” administrative fee structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. The Trustees also considered that the unified fee protects shareholders from a rise in operating costs that may result from, among other things, PIMCO’s investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO’s investments in these areas are extensive.

The Board concluded that the Funds’ and the New Fund’s cost structures were reasonable and that PIMCO is appropriately sharing economies of scale, if any, through the Funds’ unified fee structure, generally pricing Funds to scale at inception and reinvesting in its business to provide enhanced and expanded services to the Funds and the New Fund and their shareholders.

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO’s relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO’s institutional investment management business due to the reputation and market penetration of the Trust or third party service providers’ relationship-level fee concessions, which decrease fees paid by PIMCO. The Board also considered that affiliates of PIMCO provide distribution and/or shareholder services to the Funds and their shareholders, for which they may be compensated through distribution and servicing fees paid pursuant to the Funds’ Rule 12b-1 plans or otherwise, such as through all or portions of the sales charges on Class A or Class C shares of the Funds, as applicable. The Board noted that, while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Funds, it has adopted a policy not to enter into contractual soft dollar arrangements.

7. CONCLUSIONS

Based on their review, including their comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services rendered to the Funds by PIMCO

SEMIANNUAL REPORT DECEMBER 31, 2022 97

Approval of Investment Advisory Contract and Other Agreements (Cont.)

(Unaudited)

and Research Affiliates supported the renewal of the Agreements. The Independent Trustees and the Board as a whole concluded that the Agreements continued to be fair and reasonable to the Funds and their shareholders, that the Funds’ shareholders received reasonable value in return for the fees paid to PIMCO by the Funds under the Agreements, the fees paid to Research Affiliates by PIMCO under the Sub-Advisory Agreement, and that the renewal of the Agreements was in the best interests of the Funds and their shareholders.

With respect to the New Fund, based on their review, including their comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of services to be rendered to the New Fund by PIMCO supported the approval of the New Fund Agreements. The Independent Trustees and the Board as a whole concluded that the New Fund Agreements were fair and reasonable to the New Fund and its shareholders and that the approval of the New Fund Agreements was in the best interest of the New Fund and its shareholders.

98 PIMCO EQUITY SERIES

General Information

Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank and Trust Company

801 Pennsylvania Avenue

Kansas City, MO 64105

Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.

Institutional Class, I-2, I-3, Administrative Class

430 W 7th Street STE 219024

Kansas City, MO 64105-1407

SS&C Global Investor & Distribution Solutions, Inc.

Class A, Class C, Class R

430 W 7th Street STE 219294

Kansas City, MO 64105-1407

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the Fund listed on the Report cover.

PES4001SAR_123122

PIMCO EQUITY SERIES^®

Semiannual Report

December 31, 2022

PIMCO REALPATH^® Blend 2025 Fund

PIMCO REALPATH^® Blend 2030 Fund

PIMCO REALPATH^® Blend 2035 Fund

PIMCO REALPATH^® Blend 2040 Fund

PIMCO REALPATH^® Blend 2045 Fund

PIMCO REALPATH^® Blend 2050 Fund

PIMCO REALPATH^® Blend 2055 Fund

PIMCO REALPATH^® Blend 2060 Fund

PIMCO REALPATH^® Blend 2065 Fund

PIMCO REALPATH^® Blend Income Fund

Table of Contents

			Page
Chairman’s Letter				2
Important Information About the Funds				4
Expense Examples				27
Financial Highlights				30
Statements of Assets and Liabilities				38
Statements of Operations				42
Statements of Changes in Net Assets				44
Notes to Financial Statements				76
Glossary				99
Distribution Information				100
Approval of Investment Advisory Contract and Other Agreements				103
Fund	Fund Summary		Schedule of Investments
PIMCO REALPATH® Blend 2025 Fund		8		46
PIMCO REALPATH® Blend 2030 Fund		10		50
PIMCO REALPATH® Blend 2035 Fund		12		54
PIMCO REALPATH® Blend 2040 Fund		14		57
PIMCO REALPATH® Blend 2045 Fund		16		60
PIMCO REALPATH® Blend 2050 Fund		18		63
PIMCO REALPATH® Blend 2055 Fund		20		66
PIMCO REALPATH® Blend 2060 Fund		22		69
PIMCO REALPATH® Blend 2065 Fund		24		71
PIMCO REALPATH® Blend Income Fund		25		72

This material is authorized for use only when preceded or accompanied by the current PIMCO Equity Series prospectus. The Shareholder Reports for the other series of PIMCO Equity Series are printed separately.

Chairman’s Letter

Dear Shareholder,

2022 was a challenging year in the financial markets. We continue to work tirelessly to navigate global markets and manage the assets that you have entrusted with us. Following this letter is the PIMCO Equity Series Semiannual Report, which covers the six-month reporting period ended December 31, 2022 (the “reporting period”). On the subsequent pages, you will find details regarding investment results and a discussion of the factors that most affected performance during the reporting period.

For the six-month reporting period ended December 31, 2022

The global economy faced significant headwinds in 2022, including those related to higher inflation, the COVID-19 pandemic, and the Russia-Ukraine conflict. In the U.S., second quarter 2022, prior to the beginning of the reporting period, annualized gross domestic product (“GDP”) was -0.6%. The economy then strengthened, as third quarter annualized GDP was +3.2%. The Commerce Department’s initial estimate for fourth quarter 2022 annualized GDP — released after the reporting period ended — was 2.9%.

The Federal Reserve Board (the “Fed” or “U.S. central bank”) took actions to combat elevated inflation. In March 2022, the Fed raised the federal funds rate 0.25% to a range between 0.25% and 0.50%, its first rate hike since 2018. The U.S. central bank then raised rates at its next six meetings, for a total increase of 4.25% in 2022. At the end of the year, the federal funds rate was in a range between 4.25% and 4.50%.

Economies outside the U.S. also faced several headwinds. In its October 2022 World Economic Outlook Update, the International Monetary Fund (the “IMF���) downgraded its expectation for 2022 GDP citing “turbulent challenges” including high inflation, tightening financial conditions, as well as the ongoing Russia-Ukraine conflict and COVID-19 pandemic. For 2022, the IMF included in its projections that GDP would grow 1.6% in the U.S. (from 5.7% in 2021), 3.1% in the eurozone (from 5.2% in 2021), 3.6% in the U.K. (from 7.4% in 2021), and 1.7% in Japan (the same as in 2021).

Several central banks tightened their respective monetary policies in recent years. For example, in December 2021, prior to the beginning of the reporting period, the Bank of England (the “BoE”) raised rates for the first time since COVID-19 began. The BoE again raised rates at its next eight meetings, for a total of 3.50% in rate hikes since its first increase. The European Central Bank raised rates four times in 2022, for a total increase of 2.50%. In contrast, the Bank of Japan (the “BoJ”) maintained its loose monetary policy for most of 2022. However, in December 2022 the BoJ announced that it would allow its 10-year government bond yield to rise to 0.5% (previously limited to 0.25%). The news sent the 10-year bond yield and Japanese yen higher, as market participants interpreted the announcement to mean that the BoJ may pivot from its previous monetary stance.

During the reporting period, short- and long-term U.S. Treasury yields moved higher. The yield on the benchmark 10-year U.S. Treasury note was 3.88% on December 31, 2022, versus 2.98% on June 30, 2022. The Bloomberg Global Treasury Index (USD Hedged), which tracks fixed-rate, local currency government debt of investment grade countries, including developed and emerging markets, returned -2.97%. Meanwhile, the Bloomberg Global Aggregate Credit Index (USD Hedged), a widely used index of global investment grade credit bonds, returned -1.59%. In contrast, riskier fixed income asset classes, including high yield corporate bonds and emerging market debt, generated positive returns. The ICE BofAML Developed Markets High Yield Constrained Index (USD Hedged), a widely used index of below-investment-grade bonds, returned 3.82%, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global (USD Hedged), returned 2.93%. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned 3.33%.

Amid periods of volatility, global equities generally posted mixed results during the reporting period as economic and geopolitical concerns impacted investor sentiment. U.S. equities, as represented by the S&P 500 Index, returned

2 PIMCO EQUITY SERIES

2.31%. Global equities, as represented by the MSCI World Index, returned 2.97%, while emerging market equities, as measured by the MSCI Emerging Markets Index, returned -2.99%. Meanwhile, Japanese equities, as represented by the Nikkei 225 Index (in Japanese yen), returned -0.06% and European equities, as represented by the MSCI Europe Index (in euro), returned 5.05%.

Commodity prices were volatile and generated mixed returns during the reporting period. Brent crude oil, which was approximately $119.78 a barrel at the start of the reporting period, fell to roughly $82.82 a barrel at the end of December 2022. In contrast, prices of other commodities, such as copper and gold, edged higher during the period.

Finally, there were also periods of volatility in the foreign exchange markets. We believe this was driven by several factors, including economic growth expectations and changing central bank monetary policies, as well as rising inflation, COVID-19 variants, and geopolitical events. The U.S. dollar was mixed against several major currencies. For example, during the reporting period, the U.S. dollar returned -2.11%, +0.78%, and -3.51% versus the euro, the British pound and the Japanese yen, respectively.

Thank you for the assets you have placed with us. We deeply value your trust, and we will continue to work diligently to meet your broad investment needs. For any questions regarding the funds, please contact your account manager or financial adviser, or call one of our shareholder associates at (888) 87-PIMCO. We also invite you to visit our website at www.pimco.com to learn more about our global.

Sincerely,     Peter G. Strelow Chairman of the Board
PIMCO Equity Series  

Past performance is no guarantee of future results. Unless otherwise noted, index returns reflect the reinvestment of income distributions and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. It is not possible to invest directly in an unmanaged index.

SEMIANNUAL REPORT | DECEMBER 31, 2022 3

Important Information About the Funds

PIMCO Equity Series (the “Trust”) is an open-end management investment company that includes PIMCO REALPATH^® Blend 2025 Fund, PIMCO REALPATH^® Blend 2030 Fund, PIMCO REALPATH^® Blend 2035 Fund, PIMCO REALPATH^® Blend 2040 Fund, PIMCO REALPATH^® Blend 2045 Fund, PIMCO REALPATH^® Blend 2050 Fund, PIMCO REALPATH^® Blend 2055 Fund, PIMCO REALPATH^® Blend 2060 Fund, PIMCO REALPATH^® Blend 2065 Fund and PIMCO REALPATH^® Blend Income Fund (each, a “Fund” and collectively, the “Funds”).

The Funds are each “fund of funds,” which is a term used to describe mutual funds that pursue their investment objective by investing in other mutual funds instead of investing directly in stocks or bonds of other issuers. Under normal circumstances, the Funds invest in a combination of affiliated and unaffiliated funds that are registered under the Investment Company Act of 1940, as amended, equity securities, fixed income instruments of varying maturities, or related derivatives on any of the preceding securities mentioned. The Funds may invest in Institutional Class or Class M shares of any funds of the Trust and PIMCO Funds, and in other affiliated funds, including funds of PIMCO ETF Trust, except funds of funds and PIMCO California Municipal Intermediate Value Fund, PIMCO California Municipal Opportunistic Value Fund, PIMCO National Municipal Intermediate Value Fund and PIMCO National Municipal Opportunistic Value Fund (collectively, “Underlying PIMCO Funds”), and unaffiliated funds that are registered under the Investment Company Act of 1940 (collectively, “Acquired Funds”). The risks and strategies associated with an investment in the Fund may result from direct investments and/or indirect exposure through investment in Acquired Funds.

We believe that equity funds and bond funds have an important role to play in a well-diversified portfolio. It is important to note, however, that equity funds and bond funds are subject to notable risks.

Among other things, equity and equity-related securities may decline in value due to both real and perceived general market, economic, and industry conditions. The values of equity securities, such as common stocks and preferred securities, have historically risen and fallen in periodic cycles and may decline due to general market conditions, which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. Equity securities may also decline due to factors that affect a particular industry or industries, such as labor shortages, increased production costs and competitive conditions within an industry. In addition, the value of an equity security may decline for a number of reasons that directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of

the issuer and the value of its assets. Different types of equity securities may react differently to these developments and a change in the financial condition of a single issuer may affect securities markets as a whole.

During a general downturn in the securities markets, multiple asset classes, including equity securities, may decline in value simultaneously. The market price of equity securities owned by a Fund may go up or down, sometimes rapidly or unpredictably. Equity securities generally have greater price volatility than fixed income securities and common stocks generally have the greatest appreciation and depreciation potential of all equity securities.

Bond funds and fixed income securities are subject to a variety of risks, including interest rate risk, liquidity risk and market risk. In an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by a Fund (and/or Underlying PIMCO Funds or Acquired Funds, as applicable) are likely to decrease in value. A wide variety of factors can cause interest rates to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that management will anticipate such movement accurately. A Fund may lose money as a result of movements in interest rates.

As of the date of this report, interest rates in the United States continue to increase. In efforts to combat inflation, the U.S. Federal Reserve raised interest rates multiple times in 2022 and has indicated an expectation that it will continue to raise interest rates in 2023. Thus, the Funds currently face a heightened level of risk associated with rising interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for low yielding investments. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to “make markets.”

Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security’s price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets or negatively impact a Fund’s performance or cause the Fund to incur losses. As a result, a Fund may experience increased shareholder redemptions, which, among other things, could further reduce the net assets of the Fund.

4 PIMCO EQUITY SERIES

The Funds may be subject to various risks as described in each Fund’s prospectus and in the Principal and Other Risks in the Notes to Financial Statements.

Classifications of the Funds’ portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Allocation Breakdown and Schedule of Investments sections of this report may differ from the classification used for the Funds’ compliance calculations, including those used in the Funds’ prospectus, investment objectives, regulatory, and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. Each Fund is separately monitored for compliance with respect to prospectus and regulatory requirements.

The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security’s country of incorporation may be different from its country of economic exposure.

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. In 2022, many countries lifted some or all restrictions related to COVID-19. However, the effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Funds’ performance. In addition, COVID-19 and governmental responses to COVID-19 may negatively impact the capabilities of the Funds’ service providers and disrupt the Funds’ operations.

The United States’ enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries, has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities held by the Underlying PIMCO Funds or Acquired Funds.

The United Kingdom’s withdrawal from the European Union may impact Fund returns. The withdrawal may cause substantial volatility in foreign exchange markets, lead to weakness in the exchange rate of the British pound, result in a sustained period of market uncertainty, and destabilize some or all of the other European Union member countries and/or the Eurozone.

A Fund may invest in certain instruments that rely in some fashion upon the London Interbank Offered Rate (“LIBOR”). LIBOR is an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money. The

United Kingdom’s Financial Conduct Authority, which regulates LIBOR, has announced plans to ultimately phase out the use of LIBOR. There remains uncertainty regarding future utilization of LIBOR and the nature of any replacement rate (e.g., the Secured Overnight Financing Rate, which is intended to replace U.S. dollar LIBOR and measures the cost of overnight borrowings through repurchase agreement transactions collateralized with U.S. Treasury securities). Any potential effects of the transition away from LIBOR on a Fund or on certain instruments in which a Fund invests can be difficult to ascertain, and they may vary depending on a variety of factors. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to a Fund.

The PIMCO REALPATH^® Blend Funds are intended for investors who prefer to have their asset allocation decisions made by professional

money managers and are designed to offer individual investors comprehensive asset allocation strategies tailored to the time when they expect to retire or to begin withdrawing assets. Each PIMCO REALPATH^® Blend Fund is designed for investors expecting to retire or to begin withdrawing portions of their investments around the year indicated in the Fund’s name. The retirement year included in the REALPATH^® Blend Fund’s name does not necessarily represent the specific year you expect to begin withdrawing your assets. It is intended only as a general guide.

The PIMCO REALPATH^® Blend Funds are designed to provide investors with a comprehensive retirement solution tailored to the time when they expect to retire or plan to start withdrawing money (the “target date”). Each PIMCO REALPATH^® Blend Fund follows a target asset allocation schedule that changes over time to help reduce portfolio risk, increasing its exposure to conservative investments as the target date approaches. The principal value of a Fund is not guaranteed at any time, including the target date. A Fund’s shareholders may experience losses, including losses near, at, or after the target year indicated in the PIMCO REALPATH^® Blend Fund’s name.

On each individual Fund Summary page in this Shareholder Report, the Average Annual Total Return table and Cumulative Returns chart measure performance assuming that any dividend and capital gain distributions were reinvested. Returns do not reflect the deduction of taxes that a shareholder would pay on (i) Fund distributions or (ii) the redemption of Fund shares. The Cumulative Returns chart and Average Annual Total Return table reflect any sales load that would have applied at the time of purchase or any Contingent Deferred Sales Charge (“CDSC”) that would have applied if a full redemption occurred on the last business day of the period shown in the Cumulative Returns chart. Class A shares are subject to an initial sales charge. A CDSC may be imposed in certain circumstances on Class A shares that are purchased without an initial sales charge and then redeemed during the first 12 months after purchase. The Cumulative Returns chart reflects only

SEMIANNUAL REPORT | DECEMBER 31, 2022 5

Important Information About the Funds (Cont.)

Institutional Class performance. Performance may vary by share class based on each class’s expense ratios. Performance shown is net of fees and expenses. The minimum initial investment amount for Institutional Class and Administrative Class shares is $1,000,000, except that the minimum initial investment may be modified for certain financial firms that submit orders on behalf of their customers. The minimum initial investment amount for Class A shares is $1,000. Each Fund measures its performance against at least one broad-based securities market index (“benchmark index”). The benchmark index does not take into account fees, expenses, or taxes. A Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. There is no assurance that any Fund, including any Fund that has experienced high or unusual performance for one or more periods, will experience similar levels of performance in the future. High performance is defined as a significant increase in either 1) a Fund’s total return in excess of that of the Fund’s benchmark between reporting periods or 2) a Fund’s total return in excess of the Fund’s historical returns between reporting periods. Unusual performance is defined as a significant change in a Fund’s performance as compared to one or more previous reporting periods. Historical performance for a Fund or share class may have been positively impacted by fee waivers or expense limitations in place during some or all of the periods shown, if applicable. Future performance (including total return or yield) and distributions may be negatively impacted by the expiration or reduction of any such fee waivers or expense limitations.

The following table discloses the inception dates of each Fund and its respective share classes along with each Fund’s diversification status as of period end:

Fund Name

Fund Inception

Institutional Class

Administrative Class

Class A

Class R

Diversification Status

PIMCO REALPATH® Blend 2025 Fund

12/31/14

12/31/14

12/31/14

12/31/14

—

Diversified

PIMCO REALPATH® Blend 2030 Fund

12/31/14

12/31/14

12/31/14

12/31/14

—

Diversified

PIMCO REALPATH® Blend 2035 Fund

12/31/14

12/31/14

12/31/14

12/31/14

—

Diversified

PIMCO REALPATH® Blend 2040 Fund

12/31/14

12/31/14

12/31/14

12/31/14

—

Diversified

PIMCO REALPATH® Blend 2045 Fund

12/31/14

12/31/14

12/31/14

12/31/14

—

Diversified

PIMCO REALPATH® Blend 2050 Fund

12/31/14

12/31/14

12/31/14

12/31/14

—

Diversified

PIMCO REALPATH® Blend 2055 Fund

12/31/14

12/31/14

12/31/14

12/31/14

—

Diversified

PIMCO REALPATH® Blend 2060 Fund

12/31/19

12/31/19

12/31/19

12/31/19

N/A

Diversified

PIMCO REALPATH® Blend 2065 Fund

12/30/22

12/30/22

12/30/22

12/30/22

N/A

Diversified

PIMCO REALPATH® Blend Income Fund

12/31/14

12/31/14

12/31/14

12/31/14

—

Diversified

An investment in a Fund is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in a Fund.

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Funds. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither a Fund’s prospectus nor a Fund’s summary prospectus, the Trust’s Statement of Additional Information (“SAI”), any contracts filed as exhibits to the Trust’s registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or a Fund creates a contract between or among any shareholder of a Fund, on the one hand, and the Trust, a Fund, a service provider to the Trust or a Fund, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to a Fund or the

Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or a Fund is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to any Fund, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust’s then-current prospectus or SAI.

PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of a Fund. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of a Fund, and information about how the Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30th, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO, on the Fund’s website at www.pimco.com, and on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.

6 PIMCO EQUITY SERIES

The Funds file portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Funds’ complete schedule of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC’s website at www.sec.gov and on PIMCO’s website at www.pimco.com, and will be made available, upon request, by calling PIMCO at (888) 87-PIMCO.

SEC rules allow the Funds to fulfill their obligation to deliver shareholder reports to investors by providing access to such reports online free of charge and by mailing a notice that the report is electronically available. Investors may elect to receive all future reports in paper free of charge by contacting their financial intermediary or, if invested directly with a Fund, investors can inform the Fund by calling (888) 87-PIMCO. Any election to receive reports in paper will apply to all funds held with the fund complex if invested directly with a Fund or to all funds held in the investor’s account if invested through a financial intermediary.

In October 2020, the SEC adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, the rule requires funds that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and a certain derivatives risk management program and reporting requirements. These requirements may limit the ability of the Funds to use derivatives and reverse repurchase agreements and similar financing transactions as part of their investment strategies and may increase the cost of the Funds’ investments and cost of doing business, which could adversely affect investors. The rule went into effect on February 19, 2021. The compliance date for the new rule and related reporting requirements was August 19, 2022.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines “readily available market quotations” for purposes of the definition of “value” under the Investment Company Act of 1940 (the “Act”), and the SEC noted that this definition will apply in all contexts under the Act. The SEC adopted an eighteen-month transition period beginning from the effective date for both the new rule and the associated new recordkeeping requirements. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022.

In May 2022, the SEC proposed amendments to a current rule governing fund naming conventions. In general, the current rule requires funds with certain types of names to adopt a policy to invest

at least 80% of their assets in the type of investment suggested by the name. The proposed amendments would expand the scope of the current rule in a number of ways that would result in an expansion of the types of fund names that would require the fund to adopt an 80% investment policy under the rule. Additionally, the proposed amendments would modify the circumstances under which a fund may deviate from its 80% investment policy and address the use and valuation of derivatives instruments for purposes of the rule. The proposal’s impact on the Funds will not be known unless and until any final rulemaking is adopted.

In May 2022, the SEC proposed a framework that would require certain registered funds (such as the Funds) to disclose their environmental, social, and governance (“ESG”) investing practices. Among other things, the proposed requirements would mandate that funds meeting three pre-defined classifications (i.e., integrated, ESG focused and/or impact funds) provide prospectus and shareholder report disclosure related to the ESG factors, criteria and processes used in managing the fund. The proposal’s impact on the Funds will not be known unless and until any final rulemaking is adopted.

In October 2022, the SEC adopted changes to the mutual fund and exchange-traded fund (“ETF”) shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will impact the disclosures provided to shareholders. The rule amendments are effective as of January 24, 2023, but the SEC is providing an 18-month compliance period following the effective date for such amendments other than those addressing fee and expense information in advertisements that might be materially misleading.

In November 2022, the SEC proposed rule amendments which, among other things, would require funds to adopt swing pricing in order to mitigate dilution of shareholders’ interests in a fund by requiring the adjustment of fund net asset value per share to pass on costs stemming from shareholder purchase or redemption activity. In addition the proposed rule would amend the liquidity rule framework. The proposal’s impact on the Portfolio will not be known unless and until any final rulemaking is adopted.

In November 2022, the SEC adopted amendments to Form N-PX under the Act to improve the utility to investors of proxy voting information reported by mutual funds, ETFs and certain other funds. The rule amendments will expand the scope of funds’ Form N-PX reporting obligations, subject managers to Form N-PX reporting obligations for “Say on Pay” votes, enhance Form N-PX disclosures, permit joint reporting by funds, managers and affiliated managers on Form N-PX; and require website availability of fund proxy voting records. The amendments will become effective on July 1, 2024. Funds and managers will be required to file their first reports covering the period from July 1, 2023 to June 30, 2024 on amended Form N-PX by August 31, 2024

SEMIANNUAL REPORT | DECEMBER 31, 2022 7

PIMCO REALPATH^® Blend 2025 Fund

Cumulative Returns Through December 31, 2022

$1,000,000 invested at the end of the month when the Fund’s Institutional Class commenced operations.

Investment Objective and Strategy Overview

PIMCO REALPATH^® Blend 2025 Fund seeks to maximize total return, consistent with prudent investment management, by investing under normal circumstances in a combination of affiliated and unaffiliated funds that are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), equity securities, Fixed Income Instruments of varying maturities, or related derivatives on any of the preceding securities mentioned. Under normal circumstances, the Fund seeks to invest substantially all of its equity exposure in index tracking securities, including investments in affiliated or unaffiliated investment companies, which will be registered under the 1940 Act, or related derivatives on such securities or indexes. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended December 31, 2022
		6 Months*		1 Year		5 Years		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2025 Fund Institutional Class		(0.23)%		(16.84)%		3.62%		4.79%
	PIMCO REALPATH® Blend 2025 Fund Administrative Class		(0.35)%		(17.08)%		3.37%		4.52%
	PIMCO REALPATH® Blend 2025 Fund Class A		(0.57)%		(17.24)%		3.11%		4.28%
	PIMCO REALPATH® Blend 2025 Fund Class A (adjusted)		(6.00)%		(21.79)%		1.94%		3.54%
	S&P Target Date 2025 Index±		1.48%		(13.13)%		3.75%		5.03%

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

* Cumulative return.

^± The S&P Target Date Index Series is comprised of eleven multi-asset class indices, each corresponding to a particular target retirement date. Each index provides varying levels of exposure to each asset class. Each target date allocation is created and retired according to a pre-determined schedule related to the respective target date, as indicated in the index name, and is based on market observations through an annual survey of target date fund managers.

It is not possible to invest directly in an unmanaged index.

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares. For performance data current to the most recent month-end is available at visit www.pimco.com or via (888) 87-PIMCO.

The Fund’s total annual operating expense ratio in effect as of period end, which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund expenses) was 0.32% for the Institutional Class shares, 0.57% for the Administrative Class shares, and 0.77% for the Class A shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

8 PIMCO EQUITY SERIES

Institutional Class - PPZRX Administrative Class - PPZDX Class A -  PPZAX

Top 10 Holdings as of December 31, 2022^†§

Vanguard Institutional Index Fund ‘Institutional’	23.3%
Vanguard Developed Markets Index Fund ‘Institutional’	16.6%
PIMCO Income Fund	13.3%
PIMCO Total Return Fund	11.0%
PIMCO Long-Term U.S. Government Fund	6.3%
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	5.9%
PIMCO Long-Term Real Return Fund	5.6%
PIMCO Emerging Markets Local Currency and Bond Fund	5.1%
PIMCO Real Return Fund	3.3%
PIMCO International Bond Fund (U.S. Dollar-Hedged)	2.4%

^† % of Investments, at value.

^§ Top 10 Holdings and % of Investments exclude securities sold short, financial derivative instruments and short-term instruments, if any.

Fund Insights

The following affected performance (on a gross basis) during the reporting period:

» Exposure to global equities contributed to absolute performance, as global equities posted positive returns.

» Exposure to U.S. large cap equities contributed to absolute performance, as U.S. large cap equities posted positive returns.

» Exposure to emerging market bonds contributed to absolute performance, as emerging market bonds posted positive returns.

» Exposure to high yield bonds contributed to absolute performance, as high yield bonds posted positive returns.

» Exposure to long-term U.S. Treasury bonds detracted from absolute performance, as long-term U.S. Treasury bonds posted negative returns.

» Exposure to U.S. core bonds detracted from absolute performance, as U.S. core bonds posted negative returns.

» Exposure to long-term Treasury Inflation Protected Securities (“TIPS”) detracted from absolute performance, as long-term TIPS posted negative returns.

» Exposure to U.S. real estate investment trusts (“REITs”) securities detracted from absolute performance, as REITs posted negative returns.

SEMIANNUAL REPORT | DECEMBER 31, 2022 9

PIMCO REALPATH^® Blend 2030 Fund

Cumulative Returns Through December 31, 2022

$1,000,000 invested at the end of the month when the Fund’s Institutional Class commenced operations.

Investment Objective and Strategy Overview

PIMCO REALPATH^® Blend 2030 Fund seeks to maximize total return, consistent with prudent investment management, by investing under normal circumstances in a combination of affiliated and unaffiliated funds that are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), equity securities, Fixed Income Instruments of varying maturities, or related derivatives on any of the preceding securities mentioned. Under normal circumstances, the Fund seeks to invest substantially all of its equity exposure in index tracking securities, including investments in affiliated or unaffiliated investment companies, which will be registered under the 1940 Act, or related derivatives on such securities or indexes. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended December 31, 2022
		6 Months*		1 Year		5 Years		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2030 Fund Institutional Class		0.14%		(17.48)%		3.91%		5.24%
	PIMCO REALPATH® Blend 2030 Fund Administrative Class		0.10%		(17.65)%		3.68%		4.99%
	PIMCO REALPATH® Blend 2030 Fund Class A		0.00%		(17.81)%		3.42%		4.74%
	PIMCO REALPATH® Blend 2030 Fund Class A (adjusted)		(5.52)%		(22.35)%		2.25%		4.01%
	S&P Target Date 2030 Index±		1.93%		(13.96)%		4.17%		5.54%

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

* Cumulative return.

^± The S&P Target Date Index Series is comprised of eleven multi-asset class indices, each corresponding to a particular target retirement date. Each index provides varying levels of exposure to each asset class. Each target date allocation is created and retired according to a pre-determined schedule related to the respective target date, as indicated in the index name, and is based on market observations through an annual survey of target date fund managers.

It is not possible to invest directly in an unmanaged index.

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares. For performance data current to the most recent month-end is available at visit www.pimco.com or via (888) 87-PIMCO.

The Fund’s total annual operating expense ratio in effect as of period end, which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund expenses) was 0.26% for the Institutional Class shares, 0.51% for the Administrative Class shares, and 0.71% for the Class A shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

10 PIMCO EQUITY SERIES

Institutional Class - PBPNX Administrative Class - PBPRX Class A - PBPAX

Top 10 Holdings as of December 31, 2022^†§

Vanguard Institutional Index Fund ‘Institutional’	31.0%
Vanguard Developed Markets Index Fund ‘Institutional’	19.2%
PIMCO Income Fund	8.2%
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	7.3%
PIMCO Long-Term U.S. Government Fund	7.2%
PIMCO Total Return Fund	6.3%
PIMCO Long-Term Real Return Fund	5.3%
PIMCO Emerging Markets Local Currency and Bond Fund	4.5%
Vanguard Small-Cap Index Fund ‘Institutional’	2.6%
PIMCO Real Return Fund	2.1%

^† % of Investments, at value.

^§ Top 10 Holdings and % of Investments exclude securities sold short, financial derivative instruments and short-term instruments, if any.

Fund Insights

The following affected performance (on a gross basis) during the reporting period:

» Exposure to global equities contributed to absolute performance, as global equities posted positive returns.

» Exposure to U.S. large cap equities contributed to absolute performance, as U.S. large cap equities posted positive returns.

» Exposure to emerging market bonds contributed to absolute performance, as emerging market bonds posted positive returns.

» Exposure to U.S. small cap equities contributed to absolute performance, as U.S. small cap equities posted positive returns.

» Exposure to long-term U.S. Treasury bonds detracted from absolute performance, as long-term U.S. Treasury bonds posted negative returns.

» Exposure to long-term Treasury Inflation Protected Securities (“TIPS”) detracted from absolute performance, as long-term TIPS posted negative returns.

» Exposure to U.S. core bonds detracted from absolute performance, as U.S. core bonds posted negative returns.

» Exposure to U.S. real estate investment trusts (“REITs”) securities detracted from absolute performance, as REITs posted negative returns.

SEMIANNUAL REPORT | DECEMBER 31, 2022 11

PIMCO REALPATH^® Blend 2035 Fund

Cumulative Returns Through December 31, 2022

$1,000,000 invested at the end of the month when the Fund’s Institutional Class commenced operations.

Investment Objective and Strategy Overview

PIMCO REALPATH^® Blend 2035 Fund seeks to maximize total return, consistent with prudent investment management, by investing under normal circumstances in a combination of affiliated and unaffiliated funds that are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), equity securities, Fixed Income Instruments of varying maturities, or related derivatives on any of the preceding securities mentioned. Under normal circumstances, the Fund seeks to invest substantially all of its equity exposure in index tracking securities, including investments in affiliated or unaffiliated investment companies, which will be registered under the 1940 Act, or related derivatives on such securities or indexes. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended December 31, 2022
		6 Months*		1 Year		5 Years		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2035 Fund Institutional Class		1.19%		(17.07)%		4.42%		5.67%
	PIMCO REALPATH® Blend 2035 Fund Administrative Class		1.07%		(17.31)%		4.15%		5.40%
	PIMCO REALPATH® Blend 2035 Fund Class A		1.05%		(17.42)%		3.91%		5.16%
	PIMCO REALPATH® Blend 2035 Fund Class A (adjusted)		(4.49)%		(21.96)%		2.74%		4.42%
	S&P Target Date 2035 Index±		2.36%		(14.99)%		4.63%		6.06%

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

* Cumulative return.

^± The S&P Target Date Index Series is comprised of eleven multi-asset class indices, each corresponding to a particular target retirement date. Each index provides varying levels of exposure to each asset class. Each target date allocation is created and retired according to a pre-determined schedule related to the respective target date, as indicated in the index name, and is based on market observations through an annual survey of target date fund managers.

It is not possible to invest directly in an unmanaged index.

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares. For performance data current to the most recent month-end is available at visit www.pimco.com or via (888) 87-PIMCO.

The Fund’s total annual operating expense ratio in effect as of period end, which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund Expenses) was 0.23% for the Institutional Class shares, 0.48% for the Administrative Class shares, and 0.68% for the Class A shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

12 PIMCO EQUITY SERIES

Institutional Class - PDGZX Administrative Class - PDGDX Class A -  PDGAX

Top 10 Holdings as of December 31, 2022^†§

Vanguard Institutional Index Fund ‘Institutional’	35.3%
Vanguard Developed Markets Index Fund ‘Institutional’	21.7%
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	7.9%
PIMCO Long-Term U.S. Government Fund	5.6%
PIMCO Income Fund	5.6%
PIMCO Total Return Fund	4.3%
PIMCO Emerging Markets Local Currency and Bond Fund	3.9%
PIMCO Long-Term Real Return Fund	3.8%
Vanguard Small-Cap Index Fund ‘Institutional’	3.3%
PIMCO Real Return Fund	1.5%

^† % of Investments, at value.

^§ Top 10 Holdings and % of Investments exclude securities sold short, financial derivative instruments and short-term instruments, if any.

Fund Insights

The following affected performance (on a gross basis) during the reporting period:

» Exposure to global equities contributed to absolute performance, as global equities posted positive returns.

» Exposure to U.S. large cap equities contributed to absolute performance, as U.S. large cap equities posted positive returns.

» Exposure to U.S. small cap equities contributed to absolute performance, as U.S. small cap equities posted positive returns.

» Exposure to emerging market bonds contributed to absolute performance, as emerging market bonds posted positive returns.

» Exposure to long-term U.S. Treasury bonds detracted from absolute performance, as long-term U.S. Treasury bonds posted negative returns.

» Exposure to long-term Treasury Inflation Protected Securities (“TIPS”) detracted from absolute performance, as long-term TIPS posted negative returns.

» Exposure to U.S. core bonds detracted from absolute performance, as U.S. core bonds posted negative returns.

» Exposure to emerging market equities detracted from absolute performance, as emerging market equities posted negative returns.

SEMIANNUAL REPORT | DECEMBER 31, 2022 13

PIMCO REALPATH^® Blend 2040 Fund

Cumulative Returns Through December 31, 2022

$1,000,000 invested at the end of the month when the Fund’s Institutional Class commenced operations.

Investment Objective and Strategy Overview

PIMCO REALPATH^® Blend 2040 Fund seeks to maximize total return, consistent with prudent investment management, by investing under normal circumstances in a combination of affiliated and unaffiliated funds that are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), equity securities, Fixed Income Instruments of varying maturities, or related derivatives on any of the preceding securities mentioned. Under normal circumstances, the Fund seeks to invest substantially all of its equity exposure in index tracking securities, including investments in affiliated or unaffiliated investment companies, which will be registered under the 1940 Act, or related derivatives on such securities or indexes. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended December 31, 2022
		6 Months*		1 Year		5 Years		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2040 Fund Institutional Class		1.56%		(17.16)%		4.77%		6.00%
	PIMCO REALPATH® Blend 2040 Fund Administrative Class		1.44%		(17.32)%		4.50%		5.74%
	PIMCO REALPATH® Blend 2040 Fund Class A		1.36%		(17.49)%		4.26%		5.48%
	PIMCO REALPATH® Blend 2040 Fund Class A (adjusted)		(4.24)%		(22.03)%		3.09%		4.74%
	S&P Target Date 2040 Index±		2.80%		(15.56)%		4.97%		6.44%

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

* Cumulative return.

^± The S&P Target Date Index Series is comprised of eleven multi-asset class indices, each corresponding to a particular target retirement date. Each index provides varying levels of exposure to each asset class. Each target date allocation is created and retired according to a pre-determined schedule related to the respective target date, as indicated in the index name, and is based on market observations through an annual survey of target date fund managers.

It is not possible to invest directly in an unmanaged index.

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares. For performance data current to the most recent month-end is available at visit www.pimco.com or via (888) 87-PIMCO.

The Fund’s total annual operating expense ratio in effect as of period end, which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund expenses) was 0.20% for the Institutional Class shares, 0.45% for the Administrative Class shares, and 0.65% for the Class A shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

14 PIMCO EQUITY SERIES

Institutional Class - PVPNX Administrative Class - PVPRX Class A -  PVPAX

Top 10 Holdings as of December 31, 2022^†§

Vanguard Institutional Index Fund ‘Institutional’	39.1%
Vanguard Developed Markets Index Fund ‘Institutional’	25.2%
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	8.3%
PIMCO Long-Term U.S. Government Fund	3.9%
Vanguard Small-Cap Index Fund ‘Institutional’	3.8%
PIMCO Income Fund	3.7%
PIMCO Emerging Markets Local Currency and Bond Fund	3.4%
PIMCO Total Return Fund	3.0%
PIMCO Long-Term Real Return Fund	2.6%
PIMCO Real Return Fund	1.1%

^† % of Investments, at value.

^§ Top 10 Holdings and % of Investments exclude securities sold short, financial derivative instruments and short-term instruments, if any.

Fund Insights

The following affected performance (on a gross basis) during the reporting period:

» Exposure to global equities contributed to absolute performance, as global equities posted positive returns.

» Exposure to U.S. large cap equities contributed to absolute performance, as U.S. large cap equities posted positive returns.

» Exposure to U.S. small cap equities contributed to absolute performance, as U.S. small cap equities posted positive returns.

» Exposure to emerging market bonds contributed to absolute performance, as emerging market bonds posted positive returns.

» Exposure to long-term U.S. Treasury bonds detracted from absolute performance, as long-term U.S. Treasury bonds posted negative returns.

» Exposure to emerging market equities detracted from absolute performance, as emerging market equities posted negative returns.

» Exposure to U.S. real estate investment trusts (“REITs”) securities detracted from absolute performance, as REITs posted negative returns.

» Exposure to long-term Treasury Inflation Protected Securities (“TIPS”) detracted from absolute performance, as long-term TIPS posted negative returns.

SEMIANNUAL REPORT | DECEMBER 31, 2022 15

PIMCO REALPATH^® Blend 2045 Fund

Cumulative Returns Through December 31, 2022

$1,000,000 invested at the end of the month when the Fund’s Institutional Class commenced operations.

Investment Objective and Strategy Overview

PIMCO REALPATH^® Blend 2045 Fund seeks to maximize total return, consistent with prudent investment management, by investing under normal circumstances in a combination of affiliated and unaffiliated funds that are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), equity securities, Fixed Income Instruments of varying maturities, or related derivatives on any of the preceding securities mentioned. Under normal circumstances, the Fund seeks to invest substantially all of its equity exposure in index tracking securities, including investments in affiliated or unaffiliated investment companies, which will be registered under the 1940 Act, or related derivatives on such securities or indexes. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended December 31, 2022
		6 Months*		1 Year		5 Years		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2045 Fund Institutional Class		1.75%		(17.29)%		5.02%		6.17%
	PIMCO REALPATH® Blend 2045 Fund Administrative Class		1.63%		(17.46)%		4.77%		5.90%
	PIMCO REALPATH® Blend 2045 Fund Class A		1.54%		(17.63)%		4.52%		5.64%
	PIMCO REALPATH® Blend 2045 Fund Class A (adjusted)		(4.08)%		(22.14)%		3.34%		4.90%
	S&P Target Date 2045 Index±		3.18%		(15.84)%		5.16%		6.67%

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

* Cumulative return.

^± The S&P Target Date Index Series is comprised of eleven multi-asset class indices, each corresponding to a particular target retirement date. Each index provides varying levels of exposure to each asset class. Each target date allocation is created and retired according to a pre-determined schedule related to the respective target date, as indicated in the index name, and is based on market observations through an annual survey of target date fund managers.

It is not possible to invest directly in an unmanaged index.

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares. For performance data current to the most recent month-end is available at visit www.pimco.com or via (888) 87-PIMCO.

The Fund’s total annual operating expense ratio in effect as of period end, which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund expenses) was 0.16% for the Institutional Class shares, 0.41% for the Administrative Class shares, and 0.61% for the Class A shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

16 PIMCO EQUITY SERIES

Institutional Class - PVQNX Administrative Class - PVQDX Class A -  PVQAX

Top 10 Holdings as of December 31, 2022^†§

Vanguard Institutional Index Fund ‘Institutional’	41.6%
Vanguard Developed Markets Index Fund ‘Institutional’	28.8%
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	8.4%
Vanguard Small-Cap Index Fund ‘Institutional’	4.1%
PIMCO Long-Term U.S. Government Fund	2.8%
PIMCO Emerging Markets Local Currency and Bond Fund	2.5%
PIMCO Income Fund	2.0%
PIMCO Long-Term Real Return Fund	1.9%
PIMCO Total Return Fund	1.9%
PIMCO Real Return Fund	0.7%

^† % of Investments, at value.

^§ Top 10 Holdings and % of Investments exclude securities sold short, financial derivative instruments and short-term instruments, if any.

Fund Insights

The following affected performance (on a gross basis) during the reporting period:

» Exposure to global equities contributed to absolute performance, as global equities posted positive returns.

» Exposure to U.S. large cap equities contributed to absolute performance, as U.S. large cap equities posted positive returns.

» Exposure to U.S. small cap equities contributed to absolute performance, as U.S. small cap equities posted positive returns.

» Exposure to emerging market bonds contributed to absolute performance, as emerging market bonds posted positive returns.

» Exposure to long-term U.S. Treasury bonds detracted from absolute performance, as long-term U.S. Treasury bonds posted negative returns.

» Exposure to emerging market equities detracted from absolute performance, as emerging market equities posted negative returns.

» Exposure to U.S. real estate investment trusts (“REITs”) securities detracted from absolute performance, as REITs posted negative returns.

» Exposure to long-term Treasury Inflation Protected Securities (“TIPS”) detracted from absolute performance, as long-term TIPS posted negative returns.

SEMIANNUAL REPORT | DECEMBER 31, 2022 17

PIMCO REALPATH^® Blend 2050 Fund

Cumulative Returns Through December 31, 2022

$1,000,000 invested at the end of the month when the Fund’s Institutional Class commenced operations.

Investment Objective and Strategy Overview

PIMCO REALPATH^® Blend 2050 Fund seeks to maximize total return, consistent with prudent investment management, by investing under normal circumstances in a combination of affiliated and unaffiliated funds that are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), equity securities, Fixed Income Instruments of varying maturities, or related derivatives on any of the preceding securities mentioned. Under normal circumstances, the Fund seeks to invest substantially all of its equity exposure in index tracking securities, including investments in affiliated or unaffiliated investment companies, which will be registered under the 1940 Act, or related derivatives on such securities or indexes. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended December 31, 2022
		6 Months*		1 Year		5 Years		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2050 Fund Institutional Class		1.99%		(17.29)%		5.16%		6.32%
	PIMCO REALPATH® Blend 2050 Fund Administrative Class		1.88%		(17.46)%		4.91%		6.04%
	PIMCO REALPATH® Blend 2050 Fund Class A		1.88%		(17.62)%		4.65%		5.80%
	PIMCO REALPATH® Blend 2050 Fund Class A (adjusted)		(3.74)%		(22.15)%		3.47%		5.05%
	S&P Target Date 2050 Index±		3.33%		(15.97)%		5.26%		6.83%

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

* Cumulative return.

^± The S&P Target Date Index Series is comprised of eleven multi-asset class indices, each corresponding to a particular target retirement date. Each index provides varying levels of exposure to each asset class. Each target date allocation is created and retired according to a pre-determined schedule related to the respective target date, as indicated in the index name, and is based on market observations through an annual survey of target date fund managers.

It is not possible to invest directly in an unmanaged index.

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares. For performance data current to the most recent month-end is available at visit www.pimco.com or via (888) 87-PIMCO.

The Fund’s total annual operating expense ratio in effect as of period end, which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund expenses) was 0.14% for the Institutional Class shares, 0.39% for the Administrative Class shares, and 0.59% for the Class A shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

18 PIMCO EQUITY SERIES

Institutional Class - PPQZX Administrative Class - PPQDX Class A -  PPQAX

Top 10 Holdings as of December 31, 2022^†§

Vanguard Institutional Index Fund ‘Institutional’	43.3%
Vanguard Developed Markets Index Fund ‘Institutional’	31.2%
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	8.4%
Vanguard Small-Cap Index Fund ‘Institutional’	4.3%
PIMCO Long-Term U.S. Government Fund	1.9%
PIMCO Emerging Markets Local Currency and Bond Fund	1.6%
PIMCO Long-Term Real Return Fund	1.3%
PIMCO Income Fund	1.2%
PIMCO Total Return Fund	1.2%
PIMCO Real Return Fund	0.5%

^† % of Investments, at value.

^§ Top 10 Holdings and % of Investments exclude securities sold short, financial derivative instruments and short-term instruments, if any.

Fund Insights

The following affected performance (on a gross basis) during the reporting period:

» Exposure to global equities contributed to absolute performance, as global equities posted positive returns.

» Exposure to U.S. large cap equities contributed to absolute performance, as U.S. large cap equities posted positive returns.

» Exposure to U.S. small cap equities contributed to absolute performance, as U.S. small cap equities posted positive returns.

» Exposure to emerging market bonds contributed to absolute performance, as emerging market bonds posted positive returns.

» Exposure to emerging market equities detracted from absolute performance, as emerging market equities posted negative returns.

» Exposure to U.S. real estate investment trusts (“REITs”) securities detracted from absolute performance, as REITs posted negative returns.

» Exposure to long-term Treasury bonds detracted from absolute performance, as long-term Treasury bonds posted negative returns.

» Exposure to long-term Treasury Inflation Protected Securities (“TIPS”) detracted from absolute performance, as long-term TIPS posted negative returns.

SEMIANNUAL REPORT | DECEMBER 31, 2022 19

PIMCO REALPATH^® Blend 2055 Fund

Cumulative Returns Through December 31, 2022

$1,000,000 invested at the end of the month when the Fund’s Institutional Class commenced operations.

Investment Objective and Strategy Overview

PIMCO REALPATH^® Blend 2055 Fund seeks to maximize total return, consistent with prudent investment management, by investing under normal circumstances in a combination of affiliated and unaffiliated funds that are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), equity securities, Fixed Income Instruments of varying maturities, or related derivatives on any of the preceding securities mentioned. Under normal circumstances, the Fund seeks to invest substantially all of its equity exposure in index tracking securities, including investments in affiliated or unaffiliated investment companies, which will be registered under the 1940 Act, or related derivatives on such securities or indexes. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended December 31, 2022
		6 Months*		1 Year		5 Years		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2055 Fund Institutional Class		2.26%		(17.12)%		5.17%		6.29%
	PIMCO REALPATH® Blend 2055 Fund Administrative Class		2.14%		(17.36)%		4.90%		6.03%
	PIMCO REALPATH® Blend 2055 Fund Class A		1.98%		(17.53)%		4.64%		5.74%
	PIMCO REALPATH® Blend 2055 Fund Class A (adjusted)		(3.66)%		(22.06)%		3.46%		5.00%
	S&P Target Date 2055 Index±		3.43%		(15.97)%		5.31%		6.90%

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

* Cumulative return.

^± The S&P Target Date Index Series is comprised of eleven multi-asset class indices, each corresponding to a particular target retirement date. Each index provides varying levels of exposure to each asset class. Each target date allocation is created and retired according to a pre-determined schedule related to the respective target date, as indicated in the index name, and is based on market observations through an annual survey of target date fund managers.

It is not possible to invest directly in an unmanaged index.

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares. For performance data current to the most recent month-end is available at visit www.pimco.com or via (888) 87-PIMCO.

The Fund’s total annual operating expense ratio in effect as of period end, which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund expenses) was 0.13% for the Institutional Class shares, 0.38% for the Administrative Class shares, and 0.58% for the Class A shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

20 PIMCO EQUITY SERIES

Institutional Class - PRQZX Administrative Class - PRQDX Class A -  PRQAX

Top 10 Holdings as of December 31, 2022^†§

Vanguard Institutional Index Fund ‘Institutional’	43.9%
Vanguard Developed Markets Index Fund ‘Institutional’	31.4%
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	8.3%
Vanguard Small-Cap Index Fund ‘Institutional’	4.5%
PIMCO Long-Term U.S. Government Fund	1.5%
PIMCO Emerging Markets Local Currency and Bond Fund	1.4%
PIMCO Long-Term Real Return Fund	1.0%
PIMCO Income Fund	0.9%
PIMCO Total Return Fund	0.9%
PIMCO International Bond Fund (U.S. Dollar-Hedged)	0.4%

^† % of Investments, at value.

^§ Top 10 Holdings and % of Investments exclude securities sold short, financial derivative instruments and short-term instruments, if any.

Fund Insights

The following affected performance (on a gross basis) during the reporting period:

» Exposure to global equities contributed to absolute performance, as global equities posted positive returns.

» Exposure to U.S. large cap equities contributed to absolute performance, as U.S. large cap equities posted positive returns.

» Exposure to U.S. small cap equities contributed to absolute performance, as U.S. small cap equities posted positive returns.

» Exposure to emerging market bonds contributed to absolute performance, as emerging market bonds posted positive returns.

» Exposure to emerging market equities detracted from absolute performance, as emerging market equities posted negative returns.

» Exposure to U.S. real estate investment trusts (“REITs”) securities detracted from absolute performance, as REITs posted negative returns.

» Exposure to long-term Treasury bonds detracted from absolute performance, as long-term Treasury bonds posted negative returns.

» Exposure to long-term Treasury Inflation Protected Securities (“TIPS”) detracted from absolute performance, as long-term TIPS posted negative returns.

SEMIANNUAL REPORT | DECEMBER 31, 2022 21

PIMCO REALPATH^® Blend 2060 Fund

Cumulative Returns Through December 31, 2022

$1,000,000 invested at the end of the month when the Fund’s Institutional Class commenced operations.

Investment Objective and Strategy Overview

PIMCO REALPATH^® Blend 2060 Fund seeks to maximize total return, consistent with prudent investment management, by investing under normal circumstances in a combination of affiliated and unaffiliated funds that are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), equity securities, Fixed Income Instruments of varying maturities, or related derivatives on any of the preceding securities mentioned. Under normal circumstances, the Fund seeks to invest substantially all of its equity exposure in index tracking securities, including investments in affiliated or unaffiliated investment companies, which will be registered under the 1940 Act, or related derivatives on such securities or indexes. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended December 31, 2022
		6 Months*		1 Year		Fund Inception (12/31/19)
	PIMCO REALPATH® Blend 2060 Fund Institutional Class		2.20%		(16.82)%		3.85%
	PIMCO REALPATH® Blend 2060 Fund Administrative Class		2.10%		(17.04)%		3.59%
	PIMCO REALPATH® Blend 2060 Fund Class A		1.90%		(17.23)%		3.36%
	PIMCO REALPATH® Blend 2060 Fund Class A (adjusted)		(3.72)%		(21.78)%		1.43%
	S&P Target Date 2060+ Index±		3.41%		(16.01)%		4.16%

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

* Cumulative return.

^± The S&P Target Date Index Series is comprised of eleven multi-asset class indices, each corresponding to a particular target retirement date. Each index provides varying levels of exposure to each asset class. Each target date allocation is created and retired according to a pre-determined schedule related to the respective target date, as indicated in the index name, and is based on market observations through an annual survey of target date fund managers.

It is not possible to invest directly in an unmanaged index.

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares. For performance data current to the most recent month-end is available at visit www.pimco.com or via (888) 87-PIMCO.

The Fund’s total annual operating expense ratio in effect as of period end, which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund expenses) was 0.14% for the Institutional Class shares, 0.39% for the Administrative Class shares, and 0.59% for the Class A shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

22 PIMCO EQUITY SERIES

Institutional Class - PRBMX Administrative Class - PRBEX Class A -  PRBAX

Top 10 Holdings as of December 31, 2022^†§

Vanguard Institutional Index Fund ‘Institutional’	44.7%
Vanguard Developed Markets Index Fund ‘Admiral’	32.0%
Vanguard Emerging Markets Stock Index Fund ‘Admiral’	8.5%
Vanguard Small-Cap Index Fund ‘Admiral’	4.5%
PIMCO Long-Term U.S. Government Fund	1.5%
PIMCO Emerging Markets Local Currency and Bond Fund	1.4%
PIMCO Long-Term Real Return Fund	1.0%
PIMCO Income Fund	0.9%
PIMCO Total Return Fund	0.9%
PIMCO International Bond Fund (U.S. Dollar-Hedged)	0.4%

^† % of Investments, at value.

^§ Top 10 Holdings and % of Investments exclude securities sold short, financial derivative instruments and short-term instruments, if any.

Fund Insights

The following affected performance (on a gross basis) during the reporting period:

» Exposure to global equities contributed to absolute performance, as global equities posted positive returns.

» Exposure to U.S. large cap equities contributed to absolute performance, as U.S. large cap equities posted positive returns.

» Exposure to U.S. small cap equities contributed to absolute performance, as U.S. small cap equities posted positive returns.

» Exposure to emerging market bonds contributed to absolute performance, as emerging market bonds posted positive returns.

» Exposure to emerging market equities detracted from absolute performance, as emerging market equities posted negative returns.

» Exposure to U.S. real estate investment trusts (“REITs”) securities detracted from absolute performance, as REITs posted negative returns.

» Exposure to long-term Treasury bonds detracted from absolute performance, as long-term Treasury bonds posted negative returns.

» Exposure to long-term Treasury Inflation Protected Securities (“TIPS”) detracted from absolute performance, as long-term TIPS posted negative returns.

SEMIANNUAL REPORT | DECEMBER 31, 2022 23

PIMCO REALPATH^® Blend 2065 Fund

Institutional Class - PBLIX

Administrative Class - PBLMX

Class A - PBLLX

Top 10 Holdings as of December 31, 2022^†§

Vanguard Institutional Index Fund ‘Institutional’	46.4%
Vanguard Developed Markets Index Fund ‘Admiral’	33.4%
Vanguard Emerging Markets Stock Index Fund ‘Admiral’	8.9%
Vanguard Small-Cap Index Fund ‘Admiral’	4.7%
PIMCO Long-Term U.S. Government Fund	1.6%
PIMCO Emerging Markets Local Currency and Bond Fund	1.4%
PIMCO Long-Term Real Return Fund	1.0%
PIMCO Total Return Fund	0.9%
PIMCO Income Fund	0.9%
PIMCO International Bond Fund (U.S. Dollar-Hedged)	0.4%

^† % of Investments, at value.

^§ Top 10 Holdings and % of Investments exclude securities sold short, financial derivative instruments and short-term instruments, if any.

Investment Objective and Strategy Overview

PIMCO REALPATH^® Blend 2065 Fund seeks to maximize total return, consistent with prudent investment management, by investing under normal circumstances in a combination of affiliated and unaffiliated funds that are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), equity securities, Fixed Income Instruments of varying maturities, or related derivatives on any of the preceding securities mentioned. Under normal circumstances, the Fund seeks to invest substantially all of its equity exposure in index tracking securities, including investments in affiliated or unaffiliated investment companies, which will be registered under the 1940 Act, or related derivatives on such securities or indexes. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

24 PIMCO EQUITY SERIES

PIMCO REALPATH^® Blend Income Fund

Cumulative Returns Through December 31, 2022

$1,000,000 invested at the end of the month when the Fund’s Institutional Class commenced operations.

Investment Objective and Strategy Overview

PIMCO REALPATH^® Blend Income Fund seeks to maximize total return, consistent with prudent investment management, by investing under normal circumstances in a combination of affiliated and unaffiliated funds that are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), equity securities, Fixed Income Instruments of varying maturities, or related derivatives on any of the preceding securities mentioned. The Fund may invest in Institutional Class or Class M shares of any funds of the PIMCO Equity Series (the “Trust”) and PIMCO Funds, and in other affiliated funds, including funds of PIMCO ETF Trust, except funds of funds and PIMCO California Municipal Intermediate Value Fund, PIMCO California Municipal Opportunistic Value Fund, PIMCO National Municipal Intermediate Value Fund and PIMCO National Municipal Opportunistic Value Fund (“Underlying PIMCO Funds”), and unaffiliated funds that are registered under the 1940 Act (collectively, “Acquired Funds”). Under normal circumstances, the Fund seeks to invest substantially all of its equity exposure in index tracking securities, including investments in affiliated or unaffiliated investment companies, which will be registered under the 1940 Act, or related derivatives on such securities or indexes. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended December 31, 2022
		6 Months*		1 Year		5 Years		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend Income Fund Institutional Class		(0.44)%		(16.10)%		3.07%		4.20%
	PIMCO REALPATH® Blend Income Fund Administrative Class		(0.57)%		(16.38)%		2.83%		3.95%
	PIMCO REALPATH® Blend Income Fund Class A		(0.68)%		(16.49)%		2.59%		3.70%
	PIMCO REALPATH® Blend Income Fund Class A (adjusted)		(6.10)%		(21.11)%		1.44%		2.97%
	S&P Target Date Retirement Income Index±		0.35%		(11.17)%		2.33%		3.10%

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

* Cumulative return.

^± The S&P Target Date Index Series is comprised of eleven multi-asset class indices, each corresponding to a particular target retirement date. Each index provides varying levels of exposure to each asset class. Each target date allocation is created and retired according to a pre-determined schedule related to the respective target date, as indicated in the index name, and is based on market observations through an annual survey of target date fund managers.

It is not possible to invest directly in an unmanaged index.

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares. For performance data current to the most recent month-end is available at visit www.pimco.com or via (888) 87-PIMCO.

The Fund’s total annual operating expense ratio in effect as of period end, which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund expenses) was 0.36% for the Institutional Class shares, 0.61% for the Administrative Class shares, and 0.81% for the Class A shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

SEMIANNUAL REPORT | DECEMBER 31, 2022 25

Institutional Class - PBRNX Administrative Class - PBRDX Class A -  PBRAX

Top 10 Holdings as of December 31, 2022^†§

Vanguard Institutional Index Fund ‘Institutional’	19.7%
PIMCO Income Fund	16.0%
Vanguard Developed Markets Index Fund ‘Institutional’	15.8%
PIMCO Total Return Fund	13.5%
PIMCO Long-Term U.S. Government Fund	5.6%
PIMCO Long-Term Real Return Fund	5.5%
PIMCO Emerging Markets Local Currency and Bond Fund	5.4%
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	5.2%
PIMCO Real Return Fund	3.9%
PIMCO International Bond Fund (U.S. Dollar-Hedged)	3.0%

^† % of Investments, at value.

^§ Top 10 Holdings and % of Investments exclude securities sold short, financial derivative instruments and short-term instruments, if any.

Fund Insights

The following affected performance (on a gross basis) during the reporting period:

» Exposure to global equities contributed to absolute performance, as global equities posted positive returns.

» Exposure to U.S. large cap equities contributed to absolute performance, as U.S. large cap equities posted positive returns.

» Exposure to high yield bonds contributed to absolute performance, as high yield bonds posted positive returns.

» Exposure to emerging market bonds contributed to absolute performance, as emerging market bonds posted positive returns.

» Exposure to U.S. core bonds detracted from absolute performance, as U.S. core bonds posted negative returns.

» Exposure to long-term Treasury bonds detracted from absolute performance, as long-term Treasury bonds posted negative returns.

» Exposure to long-term Treasury Inflation Protected Securities (“TIPS”) detracted from absolute performance, as long-term TIPS posted negative returns.

» Exposure to U.S. real estate investment trusts (“REITs”) securities detracted from absolute performance, as REITs posted negative returns.

26 PIMCO EQUITY SERIES

Expense Examples

Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and exchange fees and (2) ongoing costs, including investment advisory fees, supervisory and administrative fees, distribution and/or service (12b-1) fees, and other Fund expenses. The Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which for all Funds and share classes is from July 1, 2022 to December 31, 2022 unless noted otherwise in the table and footnotes below.

Actual Expenses

The information in the table under the heading “Actual” provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60), then multiply the result by the number in the appropriate row for your share class, in the column entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) on purchase payments and exchange fees. Therefore, the information under the heading “Hypothetical (5% return before expenses)” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Expense ratios may vary from period to period because of various factors such as an increase in expenses that are not covered by the investment advisory fees and supervisory and administrative fees, such as fees and expenses of the independent trustees and their counsel, extraordinary expenses and interest expense.

	Actual						Hypothetical (5% return before expenses)
	Beginning Account Value (07/01/22)		Ending Account Value (12/31/22)		Expenses Paid During Period*		Beginning Account Value (07/01/22)		Ending Account Value (12/31/22)		Expenses Paid During Period*		Net Annualized Expense Ratio**
PIMCO REALPATH® Blend 2025 Fund
Institutional Class	$	1,000.00	$	997.70	$	0.20	$	1,000.00	$	1,025.28	$	0.21		0.04	%
Administrative Class		1,000.00		996.50		1.48		1,000.00		1,024.00		1.50		0.29
Class A		1,000.00		994.30		2.49		1,000.00		1,022.98		2.53		0.49
PIMCO REALPATH® Blend 2030 Fund
Institutional Class	$	1,000.00	$	1,001.40	$	0.20	$	1,000.00	$	1,025.28	$	0.21		0.04	%
Administrative Class		1,000.00		1,001.00		1.48		1,000.00		1,024.00		1.50		0.29
Class A		1,000.00		1,000.00		2.50		1,000.00		1,022.98		2.53		0.49
PIMCO REALPATH® Blend 2035 Fund
Institutional Class	$	1,000.00	$	1,011.90	$	0.26	$	1,000.00	$	1,025.22	$	0.26		0.05	%
Administrative Class		1,000.00		1,010.70		1.54		1,000.00		1,023.95		1.55		0.30
Class A		1,000.00		1,010.50		2.56		1,000.00		1,022.93		2.58		0.50
PIMCO REALPATH® Blend 2040 Fund
Institutional Class	$	1,000.00	$	1,015.60	$	0.31	$	1,000.00	$	1,025.17	$	0.31		0.06	%
Administrative Class		1,000.00		1,014.40		1.59		1,000.00		1,023.90		1.60		0.31
Class A		1,000.00		1,013.60		2.62		1,000.00		1,022.88		2.63		0.51

SEMIANNUAL REPORT | DECEMBER 31, 2022 27

Expense Examples (Cont.)

	Actual							Hypothetical (5% return before expenses)
	Beginning Account Value (07/01/22)		Ending Account Value (12/31/22)		Expenses Paid During Period*			Beginning Account Value (07/01/22)		Ending Account Value (12/31/22)		Expenses Paid During Period*		Net Annualized Expense Ratio**
PIMCO REALPATH® Blend 2045 Fund
Institutional Class	$	1,000.00	$	1,017.50	$	0.31		$	1,000.00	$	1,025.17	$	0.31		0.06	%
Administrative Class		1,000.00		1,016.30		1.59			1,000.00		1,023.90		1.60		0.31
Class A		1,000.00		1,015.40		2.62			1,000.00		1,022.88		2.63		0.51
PIMCO REALPATH® Blend 2050 Fund
Institutional Class	$	1,000.00	$	1,019.90	$	0.31		$	1,000.00	$	1,025.17	$	0.31		0.06	%
Administrative Class		1,000.00		1,018.80		1.59			1,000.00		1,023.90		1.60		0.31
Class A		1,000.00		1,018.80		2.62			1,000.00		1,022.88		2.63		0.51
PIMCO REALPATH® Blend 2055 Fund
Institutional Class	$	1,000.00	$	1,022.60	$	0.31		$	1,000.00	$	1,025.17	$	0.31		0.06	%
Administrative Class		1,000.00		1,021.40		1.60			1,000.00		1,023.90		1.60		0.31
Class A		1,000.00		1,019.80		2.62			1,000.00		1,022.88		2.63		0.51
PIMCO REALPATH® Blend 2060 Fund
Institutional Class	$	1,000.00	$	1,022.00	$	0.31		$	1,000.00	$	1,025.17	$	0.31		0.06	%
Administrative Class		1,000.00		1,021.00		1.60			1,000.00		1,023.90		1.60		0.31
Class A		1,000.00		1,019.00		2.62			1,000.00		1,022.88		2.63		0.51
PIMCO REALPATH® Blend 2065 Fund(a)
Institutional Class	$	1,000.00	$	1,000.00	$	0.25		$	1,000.00	$	1,025.22	$	0.26		0.05	%
Administrative Class		1,000.00		1,000.00		1.53			1,000.00		1,023.95		1.55		0.30
Class A		1,000.00		1,000.00		2.55			1,000.00		1,022.93		2.58		0.50
PIMCO REALPATH® Blend Income Fund
Institutional Class	$	1,000.00	$	995.60	$	0.15	��	$	1,000.00	$	1,025.33	$	0.15		0.03	%
Administrative Class		1,000.00		994.30		1.42			1,000.00		1,024.05		1.44		0.28
Class A		1,000.00		993.20		2.44			1,000.00		1,023.03		2.47		0.48

* Expenses Paid During Period are equal to the net annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 186/365 (to reflect the one-half year period).

** Net Annualized Expense Ratio is reflective of any applicable contractual fee waivers and/or expense reimbursements or voluntary fee waivers. Details regarding fee waivers, if any, can be found in Note 9, Fees and Expenses, in the Notes to Financial Statements.

^(a) The Beginning Account Value is reflective as of 12/30/22 which is the Fund’s inception date.

28 PIMCO EQUITY SERIES

(THIS PAGE INTENTIONALLY LEFT BLANK)

SEMIANNUAL REPORT | DECEMBER 31, 2022 29

Financial Highlights

			Investment Operations								Less Distributions(c)
Selected Per Share Data for the Year or Period Ended^	Net Asset Value Beginning of Year or Period(a)		Net Investment Income (Loss)(b)		Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Net Realized Capital Gains			Total
PIMCO REALPATH® Blend 2025 Fund
Institutional Class
07/01/2022 - 12/31/2022+	$	11.29	$	0.26	$	(0.29	)	$	(0.03	)	$	(0.20	)	$	(0.19	)	$	(0.39	)
06/30/2022		13.50		0.44		(2.16	)		(1.72	)		(0.37	)		(0.12	)		(0.49	)
06/30/2021		11.71		0.36		2.25			2.61			(0.65	)		(0.17	)		(0.82	)
06/30/2020		11.33		0.36		0.36			0.72			(0.34	)		0.00			(0.34	)
06/30/2019		11.15		0.36		0.32			0.68			(0.32	)		(0.18	)		(0.50	)
06/30/2018		10.63		0.31		0.43			0.74			(0.22	)		0.00			(0.22	)
Administrative Class
07/01/2022 - 12/31/2022+		11.25		0.24		(0.28	)		(0.04	)		(0.19	)		(0.19	)		(0.38	)
06/30/2022		13.47		0.41		(2.17	)		(1.76	)		(0.34	)		(0.12	)		(0.46	)
06/30/2021		11.69		0.32		2.25			2.57			(0.62	)		(0.17	)		(0.79	)
06/30/2020		11.31		0.34		0.36			0.70			(0.32	)		0.00			(0.32	)
06/30/2019		11.13		0.32		0.34			0.66			(0.30	)		(0.18	)		(0.48	)
06/30/2018		10.62		0.33		0.38			0.71			(0.20	)		0.00			(0.20	)
Class A
07/01/2022 - 12/31/2022+		11.25		0.22		(0.27	)		(0.05	)		(0.18	)		(0.19	)		(0.37	)
06/30/2022		13.46		0.37		(2.15	)		(1.78	)		(0.31	)		(0.12	)		(0.43	)
06/30/2021		11.68		0.28		2.27			2.55			(0.60	)		(0.17	)		(0.77	)
06/30/2020		11.31		0.31		0.35			0.66			(0.29	)		0.00			(0.29	)
06/30/2019		11.13		0.29		0.34			0.63			(0.27	)		(0.18	)		(0.45	)
06/30/2018		10.62		0.25		0.43			0.68			(0.17	)		0.00			(0.17	)
PIMCO REALPATH® Blend 2030 Fund
Institutional Class
07/01/2022 - 12/31/2022+	$	11.69	$	0.24	$	(0.22	)	$	0.02		$	(0.18	)	$	(0.18	)	$	(0.36	)
06/30/2022		14.09		0.41		(2.30	)		(1.89	)		(0.34	)		(0.17	)		(0.51	)
06/30/2021		11.76		0.34		2.69			3.03			(0.55	)		(0.15	)		(0.70	)
06/30/2020		11.54		0.35		0.22			0.57			(0.33	)		(0.02	)		(0.35	)
06/30/2019		11.39		0.34		0.39			0.73			(0.32	)		(0.26	)		(0.58	)
06/30/2018		10.81		0.30		0.54			0.84			(0.24	)		(0.02	)		(0.26	)
Administrative Class
07/01/2022 - 12/31/2022+		11.66		0.22		(0.21	)		0.01			(0.17	)		(0.18	)		(0.35	)
06/30/2022		14.06		0.38		(2.30	)		(1.92	)		(0.31	)		(0.17	)		(0.48	)
06/30/2021		11.75		0.30		2.68			2.98			(0.52	)		(0.15	)		(0.67	)
06/30/2020		11.52		0.33		0.22			0.55			(0.30	)		(0.02	)		(0.32	)
06/30/2019		11.38		0.30		0.39			0.69			(0.29	)		(0.26	)		(0.55	)
06/30/2018		10.80		0.32		0.50			0.82			(0.22	)		(0.02	)		(0.24	)
Class A
07/01/2022 - 12/31/2022+		11.62		0.21		(0.20	)		0.01			(0.16	)		(0.18	)		(0.34	)
06/30/2022		14.02		0.35		(2.30	)		(1.95	)		(0.28	)		(0.17	)		(0.45	)
06/30/2021		11.71		0.27		2.68			2.95			(0.49	)		(0.15	)		(0.64	)
06/30/2020		11.50		0.29		0.22			0.51			(0.28	)		(0.02	)		(0.30	)
06/30/2019		11.36		0.28		0.39			0.67			(0.27	)		(0.26	)		(0.53	)
06/30/2018		10.78		0.25		0.54			0.79			(0.19	)		(0.02	)		(0.21	)
PIMCO REALPATH® Blend 2035 Fund
Institutional Class
07/01/2022 - 12/31/2022+	$	12.08	$	0.23	$	(0.08	)	$	0.15		$	(0.19	)	$	(0.16	)	$	(0.35	)
06/30/2022		14.54		0.39		(2.34	)		(1.95	)		(0.34	)		(0.17	)		(0.51	)
06/30/2021		11.65		0.31		3.11			3.42			(0.44	)		(0.09	)		(0.53	)
06/30/2020		11.58		0.33		0.08			0.41			(0.32	)		(0.02	)		(0.34	)
06/30/2019		11.58		0.33		0.38			0.71			(0.32	)		(0.39	)		(0.71	)
06/30/2018		10.91		0.29		0.64			0.93			(0.26	)		0.00			(0.26	)
Administrative Class
07/01/2022 - 12/31/2022+		12.05		0.21		(0.07	)		0.14			(0.18	)		(0.16	)		(0.34	)
06/30/2022		14.51		0.35		(2.33	)		(1.98	)		(0.31	)		(0.17	)		(0.48	)
06/30/2021		11.63		0.27		3.11			3.38			(0.41	)		(0.09	)		(0.50	)
06/30/2020		11.57		0.31		0.06			0.37			(0.29	)		(0.02	)		(0.31	)
06/30/2019		11.57		0.29		0.39			0.68			(0.29	)		(0.39	)		(0.68	)
06/30/2018		10.91		0.31		0.59			0.90			(0.24	)		0.00			(0.24	)

30 PIMCO EQUITY SERIES See Accompanying Notes

					Ratios/Supplemental Data
							Ratios to Average Net Assets(e)
Net Asset Value End of Year or Period(a)		Total Return(d)			Net Assets End of Year or Period (000s)		Expenses			Expenses Excluding Waivers			Expenses Excluding Interest Expense			Expenses Excluding Interest Expense and Waivers			Net Investment Income (Loss)			Portfolio Turnover Rate
$	10.87		(0.32	)%	$	256,290		0.04	%*		0.04	%*		0.04	%*		0.04	%*		4.63	%*		10	%
	11.29		(13.29	)		211,435		0.04			0.04			0.04			0.04			3.35			21
	13.50		22.73			220,130		0.04			0.04			0.04			0.04			2.78			20
	11.71		6.41			80,067		0.04			0.05			0.04			0.05			3.18			39
	11.33		6.53			31,946		0.04			0.05			0.04			0.05			3.26			47
	11.15		6.92			6,824		0.04			0.04			0.04			0.04			2.75			75
	10.83		(0.44	)		26,479		0.29	*		0.29	*		0.29	*		0.29	*		4.27	*		10
	11.25		(13.60	)		25,795		0.29			0.29			0.29			0.29			3.11			21
	13.47		22.40			29,727		0.29			0.29			0.29			0.29			2.53			20
	11.69		6.19			28,587		0.29			0.30			0.29			0.30			2.99			39
	11.31		6.29			21,086		0.29			0.30			0.29			0.30			2.88			47
	11.13		6.65			19,661		0.29			0.29			0.29			0.29			2.90			75
	10.83		(0.57	)		5,410		0.49	*		0.49	*		0.49	*		0.49	*		3.80	*		10
	11.25		(13.73	)		6,905		0.51	(f)		0.51	(f)		0.51	(f)		0.51	(f)		2.85			21
	13.46		22.18			10,114		0.54			0.54			0.54			0.54			2.21			20
	11.68		5.88			6,420		0.54			0.55			0.54			0.55			2.68			39
	11.31		6.03			5,462		0.54			0.55			0.54			0.55			2.63			47
	11.13		6.36			5,078		0.54			0.54			0.54			0.54			2.30			75
$	11.35		0.14	%	$	304,463		0.04	%*		0.04	%*		0.04	%*		0.04	%*		4.10	%*		6	%
	11.69		(13.97	)		239,698		0.04			0.04			0.04			0.04			3.04			22
	14.09		26.14			239,041		0.04			0.04			0.04			0.04			2.59			26
	11.76		4.89			105,414		0.05			0.06			0.05			0.06			3.00			28
	11.54		6.84			52,133		0.05			0.06			0.05			0.06			3.08			40
	11.39		7.81			13,974		0.05			0.05			0.05			0.05			2.63			98
	11.32		0.01			30,761		0.29	*		0.29	*		0.29	*		0.29	*		3.71	*		6
	11.66		(14.20	)		30,094		0.29			0.29			0.29			0.29			2.77			22
	14.06		25.71			33,946		0.29			0.29			0.29			0.29			2.31			26
	11.75		4.76			27,583		0.30			0.31			0.30			0.31			2.81			28
	11.52		6.50			21,469		0.30			0.31			0.30			0.31			2.71			40
	11.38		7.64			20,114		0.30			0.30			0.30			0.30			2.77			98
	11.29		0.00			7,992		0.49	*		0.49	*		0.49	*		0.49	*		3.51	*		6
	11.62		(14.42	)		7,847		0.51	(f)		0.51	(f)		0.51	(f)		0.51	(f)		2.56			22
	14.02		25.53			9,243		0.54			0.54			0.54			0.54			2.04			26
	11.71		4.41			6,494		0.55			0.56			0.55			0.56			2.50			28
	11.50		6.28			5,774		0.55			0.56			0.55			0.56			2.52			40
	11.36		7.36			4,169		0.55			0.55			0.55			0.55			2.20			98
$	11.88		1.19	%	$	298,729		0.05	%*		0.05	%*		0.05	%*		0.05	%*		3.74	%*		8	%
	12.08		(14.03	)		215,450		0.05			0.05			0.05			0.05			2.78			17
	14.54		29.68			193,069		0.04			0.05			0.04			0.05			2.32			21
	11.65		3.47			76,525		0.06			0.07			0.06			0.07			2.85			34
	11.58		6.67			42,033		0.06			0.07			0.06			0.07			2.94			24
	11.58		8.56			16,958		0.06			0.07			0.06			0.07			2.52			101
	11.85		1.07			27,777		0.30	*		0.30	*		0.30	*		0.30	*		3.34	*		8
	12.05		(14.26	)		25,937		0.30			0.30			0.30			0.30			2.52			17
	14.51		29.36			28,579		0.29			0.30			0.29			0.30			2.05			21
	11.63		3.15			22,984		0.31			0.32			0.31			0.32			2.66			34
	11.57		6.43			18,672		0.31			0.32			0.31			0.32			2.58			24
	11.57		8.29			17,270		0.31			0.32			0.31			0.32			2.69			101

SEMIANNUAL REPORT | DECEMBER 31, 2022 31

Financial Highlights (Cont.)

			Investment Operations								Less Distributions(c)
Selected Per Share Data for the Year or Period Ended^	Net Asset Value Beginning of Year or Period(a)		Net Investment Income (Loss)(b)		Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Net Realized Capital Gains			Total
PIMCO REALPATH® Blend 2035 Fund (Cont.)
Class A
07/01/2022 - 12/31/2022+	$	12.08	$	0.19	$	(0.06	)	$	0.13		$	(0.17	)	$	(0.16	)	$	(0.33	)
06/30/2022		14.55		0.32		(2.34	)		(2.02	)		(0.28	)		(0.17	)		(0.45	)
06/30/2021		11.67		0.24		3.11			3.35			(0.38	)		(0.09	)		(0.47	)
06/30/2020		11.61		0.27		0.08			0.35			(0.27	)		(0.02	)		(0.29	)
06/30/2019		11.61		0.26		0.39			0.65			(0.26	)		(0.39	)		(0.65	)
06/30/2018		10.94		0.24		0.64			0.88			(0.21	)		0.00			(0.21	)
PIMCO REALPATH® Blend 2040 Fund
Institutional Class
07/01/2022 - 12/31/2022+	$	12.40	$	0.22	$	(0.02	)	$	0.20		$	(0.17	)	$	(0.16	)	$	(0.33	)
06/30/2022		14.96		0.38		(2.42	)		(2.04	)		(0.35	)		(0.17	)		(0.52	)
06/30/2021		11.68		0.30		3.46			3.76			(0.41	)		(0.07	)		(0.48	)
06/30/2020		11.71		0.31		0.02			0.33			(0.34	)		(0.02	)		(0.36	)
06/30/2019		11.71		0.32		0.38			0.70			(0.31	)		(0.39	)		(0.70	)
06/30/2018		11.00		0.29		0.71			1.00			(0.27	)		(0.02	)		(0.29	)
Administrative Class
07/01/2022 - 12/31/2022+		12.37		0.19		(0.01	)		0.18			(0.16	)		(0.16	)		(0.32	)
06/30/2022		14.92		0.34		(2.40	)		(2.06	)		(0.32	)		(0.17	)		(0.49	)
06/30/2021		11.65		0.26		3.46			3.72			(0.38	)		(0.07	)		(0.45	)
06/30/2020		11.69		0.29		0.01			0.30			(0.32	)		(0.02	)		(0.34	)
06/30/2019		11.69		0.28		0.39			0.67			(0.28	)		(0.39	)		(0.67	)
06/30/2018		10.99		0.31		0.66			0.97			(0.25	)		(0.02	)		(0.27	)
Class A
07/01/2022 - 12/31/2022+		12.32		0.18		(0.01	)		0.17			(0.14	)		(0.16	)		(0.30	)
06/30/2022		14.88		0.30		(2.39	)		(2.09	)		(0.30	)		(0.17	)		(0.47	)
06/30/2021		11.62		0.22		3.45			3.67			(0.34	)		(0.07	)		(0.41	)
06/30/2020		11.67		0.26		0.00			0.26			(0.29	)		(0.02	)		(0.31	)
06/30/2019		11.67		0.26		0.38			0.64			(0.25	)		(0.39	)		(0.64	)
06/30/2018		10.98		0.23		0.70			0.93			(0.22	)		(0.02	)		(0.24	)
PIMCO REALPATH® Blend 2045 Fund
Institutional Class
07/01/2022 - 12/31/2022+	$	12.54	$	0.20	$	0.03		$	0.23		$	(0.16	)	$	(0.16	)	$	(0.32	)
06/30/2022		15.11		0.36		(2.42	)		(2.06	)		(0.32	)		(0.19	)		(0.51	)
06/30/2021		11.58		0.29		3.69			3.98			(0.38	)		(0.07	)		(0.45	)
06/30/2020		11.67		0.30		(0.04	)		0.26			(0.33	)		(0.02	)		(0.35	)
06/30/2019		11.79		0.31		0.37			0.68			(0.32	)		(0.48	)		(0.80	)
06/30/2018		11.00		0.28		0.77			1.05			(0.26	)		0.00			(0.26	)
Administrative Class
07/01/2022 - 12/31/2022+		12.49		0.18		0.03			0.21			(0.14	)		(0.16	)		(0.30	)
06/30/2022		15.06		0.32		(2.41	)		(2.09	)		(0.29	)		(0.19	)		(0.48	)
06/30/2021		11.55		0.25		3.68			3.93			(0.35	)		(0.07	)		(0.42	)
06/30/2020		11.65		0.28		(0.06	)		0.22			(0.30	)		(0.02	)		(0.32	)
06/30/2019		11.77		0.27		0.39			0.66			(0.30	)		(0.48	)		(0.78	)
06/30/2018		10.99		0.31		0.71			1.02			(0.24	)		0.00			(0.24	)
Class A
07/01/2022 - 12/31/2022+		12.46		0.16		0.04			0.20			(0.13	)		(0.16	)		(0.29	)
06/30/2022		15.05		0.29		(2.42	)		(2.13	)		(0.27	)		(0.19	)		(0.46	)
06/30/2021		11.54		0.21		3.69			3.90			(0.32	)		(0.07	)		(0.39	)
06/30/2020		11.64		0.24		(0.04	)		0.20			(0.28	)		(0.02	)		(0.30	)
06/30/2019		11.77		0.25		0.37			0.62			(0.27	)		(0.48	)		(0.75	)
06/30/2018		10.99		0.22		0.77			0.99			(0.21	)		0.00			(0.21	)
PIMCO REALPATH® Blend 2050 Fund®
Institutional Class
07/01/2022 - 12/31/2022+	$	12.65	$	0.19	$	0.07		$	0.26		$	(0.15	)	$	(0.16	)	$	(0.31	)
06/30/2022		15.28		0.36		(2.44	)		(2.08	)		(0.34	)		(0.21	)		(0.55	)
06/30/2021		11.59		0.29		3.83			4.12			(0.36	)		(0.07	)		(0.43	)
06/30/2020		11.74		0.29		(0.08	)		0.21			(0.34	)		(0.02	)		(0.36	)
06/30/2019		11.86		0.30		0.39			0.69			(0.31	)		(0.50	)		(0.81	)
06/30/2018		11.05		0.28		0.79			1.07			(0.26	)		0.00			(0.26	)

32 PIMCO EQUITY SERIES See Accompanying Notes

						Ratios/Supplemental Data
								Ratios to Average Net Assets(e)
Net Asset Value End of Year or Period(a)			Total Return(d)			Net Assets End of Year or Period (000s)		Expenses			Expenses Excluding Waivers			Expenses Excluding Interest Expense			Expenses Excluding Interest Expense and Waivers			Net Investment Income (Loss)			Portfolio Turnover Rate
$	11.88			0.96	%	$	7,564		0.50	%*		0.50	%*		0.50	%*		0.50	%*		3.13	%*		8	%
	12.08			(14.46	)		6,983		0.52	(f)		0.52	(f)		0.52	(f)		0.52	(f)		2.29			17
	14.55			28.97			7,914		0.54			0.55			0.54			0.55			1.80			21
	11.67			2.95			6,109		0.56			0.57			0.56			0.57			2.36			34
	11.61			6.15			5,062		0.56			0.57			0.56			0.57			2.33			24
	11.61			8.06			4,330		0.56			0.57			0.56			0.57			2.10			101
$	12.27			1.56	%	$	293,254		0.06	%*		0.06	%*		0.06	%*		0.06	%*		3.38	%*		7	%
	12.40			(14.20	)		224,639		0.06			0.06			0.06			0.06			2.59			17
	14.96			32.50			212,568		0.05			0.06			0.05			0.06			2.20			26
	11.68			2.76			92,728		0.06			0.07			0.06			0.07			2.70			21
	11.71			6.44			64,541		0.06			0.07			0.06			0.07			2.81			29
	11.71			9.17			26,413		0.06			0.07			0.06			0.07			2.50			95
	12.23	��		1.36			19,331		0.31	*		0.31	*		0.31	*		0.31	*		2.95	*		7
	12.37			(14.33	)		19,014		0.31			0.31			0.31			0.31			2.32			17
	14.92			32.21			21,456		0.30			0.31			0.30			0.31			1.90			26
	11.65			2.45			16,746		0.31			0.32			0.31			0.32			2.52			21
	11.69			6.21			12,386		0.31			0.32			0.31			0.32			2.48			29
	11.69			8.90			11,003		0.31			0.32			0.31			0.32			2.66			95
	12.19			1.36			7,943		0.51	*		0.51	*		0.51	*		0.51	*		2.79	*		7
	12.32			(14.58	)		7,441		0.53	(f)		0.53	(f)		0.53	(f)		0.53	(f)		2.08			17
	14.88			31.91			9,024		0.55			0.56			0.55			0.56			1.66			26
	11.62			2.17			7,914		0.56			0.57			0.56			0.57			2.22			21
	11.67			5.99			7,869		0.56			0.57			0.56			0.57			2.28			29
	11.67			8.52			5,484		0.56			0.57			0.56			0.57			2.03			95
$	12.45			1.75	%	$	275,109		0.06	%*		0.06	%*		0.06	%*		0.06	%*		3.13	%*		5	%
	12.54			(14.23	)		207,869		0.06			0.06			0.06			0.06			2.47			13
	15.11			34.67			200,184		0.05			0.06			0.05			0.06			2.13			22
	11.58			2.16			91,173		0.06			0.07			0.06			0.07			2.59			16
	11.67			6.45			69,426		0.06			0.07			0.06			0.07			2.70			16
	11.79			9.57			41,708		0.06			0.07			0.06			0.07			2.43			105
	12.40			1.63			19,744		0.31	*		0.31	*		0.31	*		0.31	*		2.74	*		5
	12.49			(14.45	)		18,702		0.31			0.31			0.31			0.31			2.21			13
	15.06			34.30			20,168		0.30			0.31			0.30			0.31			1.85			22
	11.55			1.85			14,426		0.31			0.32			0.31			0.32			2.41			16
	11.65			6.21			10,935		0.31			0.32			0.31			0.32			2.38			16
	11.77			9.31			10,287		0.31			0.32			0.31			0.32			2.58			105
	12.37			1.54			4,371		0.51	*		0.51	*		0.51	*		0.51	*		2.56	*		5
	12.46			(14.69	)		3,967		0.53	(f)		0.53	(f)		0.53	(f)		0.53	(f)		1.97			13
	15.05			34.03			4,593		0.55			0.56			0.55			0.56			1.57			22
	11.54			1.64			3,658		0.56			0.57			0.56			0.57			2.08			16
	11.64			5.88			4,280		0.56			0.57			0.56			0.57			2.15			16
	11.77			9.01			3,569		0.56			0.57			0.56			0.57			1.93			105
$	12.60			1.99	%	$	264,213		0.06	%*		0.06	%*		0.06	%*		0.06	%*		2.94	%*		5	%
	12.65			(14.29	)		206,038		0.06			0.06			0.06			0.06			2.43			9
	15.28			35.82			200,851		0.05			0.06			0.05			0.06			2.08			19
	11.59			1.66			103,972		0.06			0.07			0.06			0.07			2.53			20
	11.74			6.54			84,302		0.06			0.07			0.06			0.07			2.64			16
	11.86			9.69			50,057		0.06			0.07			0.06			0.07			2.39			108

SEMIANNUAL REPORT | DECEMBER 31, 2022 33

Financial Highlights (Cont.)

			Investment Operations								Less Distributions(c)
Selected Per Share Data for the Year or Period Ended^	Net Asset Value Beginning of Year or Period(a)		Net Investment Income (Loss)(b)		Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Net Realized Capital Gains			Total
PIMCO REALPATH® Blend 2050 Fund (Cont.)
Administrative Class
07/01/2022 - 12/31/2022+	$	12.59	$	0.17	$	0.07		$	0.24		$	(0.13	)	$	(0.16	)	$	(0.29	)
06/30/2022		15.23		0.32		(2.43	)		(2.11	)		(0.32	)		(0.21	)		(0.53	)
06/30/2021		11.56		0.24		3.83			4.07			(0.33	)		(0.07	)		(0.40	)
06/30/2020		11.71		0.27		(0.09	)		0.18			(0.31	)		(0.02	)		(0.33	)
06/30/2019		11.84		0.27		0.39			0.66			(0.29	)		(0.50	)		(0.79	)
06/30/2018		11.04		0.31		0.73			1.04			(0.24	)		0.00			(0.24	)
Class A
07/01/2022 - 12/31/2022+		12.51		0.15		0.09			0.24			(0.12	)		(0.16	)		(0.28	)
06/30/2022		15.16		0.29		(2.43	)		(2.14	)		(0.30	)		(0.21	)		(0.51	)
06/30/2021		11.51		0.21		3.81			4.02			(0.30	)		(0.07	)		(0.37	)
06/30/2020		11.67		0.23		(0.08	)		0.15			(0.29	)		(0.02	)		(0.31	)
06/30/2019		11.80		0.24		0.39			0.63			(0.26	)		(0.50	)		(0.76	)
06/30/2018		11.00		0.22		0.79			1.01			(0.21	)		0.00			(0.21	)
PIMCO REALPATH® Blend 2055 Fund®
Institutional Class
07/01/2022 - 12/31/2022+	$	12.75	$	0.19	$	0.10		$	0.29		$	(0.16	)	$	(0.13	)	$	(0.29	)
06/30/2022		15.33		0.37		(2.48	)		(2.11	)		(0.30	)		(0.17	)		(0.47	)
06/30/2021		11.59		0.29		3.87			4.16			(0.38	)		(0.04	)		(0.42	)
06/30/2020		11.79		0.29		(0.12	)		0.17			(0.36	)		(0.01	)		(0.37	)
06/30/2019		11.74		0.31		0.37			0.68			(0.21	)		(0.42	)		(0.63	)
06/30/2018		11.02		0.28		0.77			1.05			(0.33	)		0.00			(0.33	)
Administrative Class
07/01/2022 - 12/31/2022+		12.71		0.17		0.10			0.27			(0.14	)		(0.13	)		(0.27	)
06/30/2022		15.31		0.33		(2.48	)		(2.15	)		(0.28	)		(0.17	)		(0.45	)
06/30/2021		11.58		0.25		3.87			4.12			(0.35	)		(0.04	)		(0.39	)
06/30/2020		11.78		0.28		(0.13	)		0.15			(0.34	)		(0.01	)		(0.35	)
06/30/2019	��	11.75		0.29		0.35			0.64			(0.19	)		(0.42	)		(0.61	)
06/30/2018		11.03		0.30		0.73			1.03			(0.31	)		0.00			(0.31	)
Class A
07/01/2022 - 12/31/2022+		12.64		0.16		0.09			0.25			(0.13	)		(0.13	)		(0.26	)
06/30/2022		15.24		0.29		(2.45	)		(2.16	)		(0.27	)		(0.17	)		(0.44	)
06/30/2021		11.53		0.21		3.86			4.07			(0.32	)		(0.04	)		(0.36	)
06/30/2020		11.73		0.23		(0.12	)		0.11			(0.30	)		(0.01	)		(0.31	)
06/30/2019		11.69		0.24		0.38			0.62			(0.16	)		(0.42	)		(0.58	)
06/30/2018		10.98		0.21		0.78			0.99			(0.28	)		0.00			(0.28	)
PIMCO REALPATH® Blend 2060 Fund®
Institutional Class
07/01/2022 - 12/31/2022+	$	9.84	$	0.15	$	0.07		$	0.22		$	(0.10	)	$	(0.06	)	$	(0.16	)
06/30/2022		12.47		0.30		(1.85	)		(1.55	)		(0.27	)		(0.81	)		(1.08	)
06/30/2021		9.35		0.24		3.12			3.36			(0.24	)		0.00			(0.24	)
12/31/2019 - 06/30/2020		10.00		0.09		(0.74	)		(0.65	)		0.00			0.00			0.00
Administrative Class
07/01/2022 - 12/31/2022+		9.80		0.14		0.06			0.20			(0.08	)		(0.06	)		(0.14	)
06/30/2022		12.45		0.29		(1.87	)		(1.58	)		(0.26	)		(0.81	)		(1.07	)
06/30/2021		9.33		0.24		3.10			3.34			(0.22	)		0.00			(0.22	)
12/31/2019 - 06/30/2020		10.00		0.08		(0.75	)		(0.67	)		0.00			0.00			0.00
Class A
07/01/2022 - 12/31/2022+		9.78		0.12		0.06			0.18			(0.07	)		(0.06	)		(0.13	)
06/30/2022		12.43		0.24		(1.84	)		(1.60	)		(0.24	)		(0.81	)		(1.05	)
06/30/2021		9.32		0.20		3.11			3.31			(0.20	)		0.00			(0.20	)
12/31/2019 - 06/30/2020		10.00		0.08		(0.76	)		(0.68	)		0.00			0.00			0.00
PIMCO REALPATH® Blend 2065 Fund®(g)
Institutional Class
12/30/2022 - 12/31/2022+	$	10.00	$	0.00	$	0.00		$	0.00		$	0.00		$	0.00		$	0.00
Administrative Class
12/30/2022 - 12/31/2022+		10.00		0.00		0.00			0.00			0.00			0.00			0.00
Class A
12/30/2022 - 12/31/2022+		10.00		0.00		0.00			0.00			0.00			0.00			0.00

34 PIMCO EQUITY SERIES See Accompanying Notes

					Ratios/Supplemental Data
							Ratios to Average Net Assets(e)
Net Asset Value End of Year or Period(a)		Total Return(d)			Net Assets End of Year or Period (000s)		Expenses			Expenses Excluding Waivers			Expenses Excluding Interest Expense			Expenses Excluding Interest Expense and Waivers			Net Investment Income (Loss)			Portfolio Turnover Rate
$	12.54		1.88	%	$	21,260		0.31	%*		0.31	%*		0.31	%*		0.31	%*		2.60	%*		5	%
	12.59		(14.50	)		19,530		0.31			0.31			0.31			0.31			2.15			9
	15.23		35.44			22,454		0.30			0.31			0.30			0.31			1.78			19
	11.56		1.43			17,960		0.31			0.32			0.31			0.32			2.32			20
	11.71		6.22			17,027		0.31			0.32			0.31			0.32			2.34			16
	11.84		9.44			14,382		0.31			0.32			0.31			0.32			2.58			108
	12.47		1.88			4,068		0.51	*		0.51	*		0.51	*		0.51	*		2.39	*		5
	12.51		(14.73	)		3,704		0.53	(f)		0.53	(f)		0.53	(f)		0.53	(f)		1.93			9
	15.16		35.11			4,896		0.55			0.56			0.55			0.56			1.51			19
	11.51		1.16			4,101		0.56			0.57			0.56			0.57			2.03			20
	11.67		5.99			4,520		0.56			0.57			0.56			0.57			2.09			16
	11.80		9.20			3,782		0.56			0.57			0.56			0.57			1.90			108
$	12.75		2.26	%	$	189,656		0.06	%*		0.06	%*		0.06	%*		0.06	%*		2.87	%*		4	%
	12.75		(14.32	)		145,097		0.06			0.06			0.06			0.06			2.47			9
	15.33		36.15			122,612		0.06			0.06			0.06			0.06			2.11			14
	11.59		1.33			51,061		0.07			0.07			0.06			0.06			2.49			28
	11.79		6.41			32,098		0.06			0.07			0.06			0.07			2.76			51
	11.74		9.56			10,558		0.06			0.07			0.06			0.07			2.43			67
	12.71		2.14			10,156		0.31	*		0.31	*		0.31	*		0.31	*		2.58	*		4
	12.71		(14.57	)		8,409		0.31			0.31			0.31			0.31			2.21			9
	15.31		35.81			7,860		0.31			0.31			0.31			0.31			1.81			14
	11.58		1.15			4,828		0.32			0.32			0.31			0.31			2.46			28
	11.78		6.02			605		0.31			0.32			0.31			0.32			2.58			51
	11.75		9.37			152		0.31			0.32			0.31			0.32			2.54			67
	12.63		1.98			3,102		0.51	*		0.51	*		0.51	*		0.51	*		2.38	*		4
	12.64		(14.73	)		2,622		0.53	(f)		0.53	(f)		0.53	(f)		0.53	(f)		1.92			9
	15.24		35.46			3,159		0.56			0.56			0.56			0.56			1.52			14
	11.53		0.85			2,684		0.57			0.57			0.56			0.56			1.98			28
	11.73		5.86			2,758		0.56			0.57			0.56			0.57			2.11			51
	11.69		9.04			2,038		0.56			0.57			0.56			0.57			1.85			67
$	9.90		2.20	%	$	41,527		0.06	%*		0.06	%*		0.06	%*		0.06	%*		3.01	%*		9	%
	9.84		(13.93	)		22,421		0.06			0.06			0.06			0.06			2.60			50
	12.47		36.18			11,451		0.06			0.07			0.06			0.07			2.10			20
	9.35		(6.50	)		2,817		0.05	*		2.52	*		0.05	*		2.52	*		1.95	*		12
	9.86		2.10			705		0.31	*		0.31	*		0.31	*		0.31	*		2.70	*		9
	9.80		(14.19	)		364		0.31			0.31			0.31			0.31			2.60			50
	12.45		36.00			62		0.31			0.32			0.31			0.32			2.07			20
	9.33		(6.70	)		9		0.30	*		2.77	*		0.30	*		2.77	*		1.69	*		12
	9.83		1.90			686		0.51	*		0.51	*		0.51	*		0.51	*		2.35	*		9
	9.78		(14.32	)		536		0.53	(f)		0.53	(f)		0.53	(f)		0.53	(f)		2.05			50
	12.43		35.70			834		0.56			0.57			0.56			0.57			1.72			20
	9.32		(6.80	)		29		0.55	*		3.02	*		0.55	*		3.02	*		1.70	*		12
$	10.00		0.00	%	$	2,800		0.00	%*		0.00	%*		0.00	%*		0.00	%*		0.00	%*		0	%
	10.00		0.00			100		0.00	*		0.00	*		0.00	*		0.00	*		0.00	*		0
	10.00		0.00			100		0.00	*		0.00	*		0.00	*		0.00	*		0.00	*		0

SEMIANNUAL REPORT | DECEMBER 31, 2022 35

Financial Highlights (Cont.)

			Investment Operations								Less Distributions(c)
Selected Per Share Data for the Year or Period Ended^	Net Asset Value Beginning of Year or Period(a)		Net Investment Income (Loss)(b)		Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Net Realized Capital Gains			Total
PIMCO REALPATH® Blend Income Fund®
Institutional Class
07/01/2022 - 12/31/2022+	$	10.81	$	0.27	$	(0.33	)	$	(0.06	)	$	(0.21	)	$	(0.10	)	$	(0.31	)
06/30/2022		12.92		0.43		(2.04	)		(1.61	)		(0.37	)		(0.13	)		(0.50	)
06/30/2021		11.58		0.36		1.84			2.20			(0.68	)		(0.18	)		(0.86	)
06/30/2020		11.28		0.35		0.34			0.69			(0.39	)		0.00			(0.39	)
06/30/2019		10.92		0.37		0.34			0.71			(0.35	)		0.00			(0.35	)
06/30/2018		10.54		0.32		0.26			0.58			(0.20	)		0.00			(0.20	)
Administrative Class
07/01/2022 - 12/31/2022+		10.81		0.25		(0.31	)		(0.06	)		(0.20	)		(0.10	)		(0.30	)
06/30/2022		12.93		0.40		(2.05	)		(1.65	)		(0.34	)		(0.13	)		(0.47	)
06/30/2021		11.59		0.33		1.84			2.17			(0.65	)		(0.18	)		(0.83	)
06/30/2020		11.28		0.33		0.34			0.67			(0.36	)		0.00			(0.36	)
06/30/2019		10.92		0.33		0.35			0.68			(0.32	)		0.00			(0.32	)
06/30/2018		10.55		0.33		0.22			0.55			(0.18	)		0.00			(0.18	)
Class A
07/01/2022 - 12/31/2022+		10.73		0.23		(0.31	)		(0.08	)		(0.19	)		(0.10	)		(0.29	)
06/30/2022		12.84		0.37		(2.03	)		(1.66	)		(0.32	)		(0.13	)		(0.45	)
06/30/2021		11.53		0.30		1.82			2.12			(0.63	)		(0.18	)		(0.81	)
06/30/2020		11.24		0.32		0.32			0.64			(0.35	)		0.00			(0.35	)
06/30/2019		10.88		0.32		0.34			0.66			(0.30	)		0.00			(0.30	)
06/30/2018		10.52		0.27		0.25			0.52			(0.16	)		0.00			(0.16	)

^ A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.

+ Unaudited

* Annualized, except for organizational expense, if any.

^(a)  Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds.

^(b)  Per share amounts based on average number of shares outstanding during the year or period.

^(c)  The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

^(d)  Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds. Additionally, excludes initial sales charges and contingent deferred sales charges.

^(e) Ratios shown do not include expenses of the investment companies in which a Fund may invest. See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information regarding the expenses and any applicable fee waivers associated with these investments.

^(f)  Effective November 1, 2021, the Class’s Supervisory and Administrative fees was decreased by 0.05% to an annual rate of 0.22%.

^(g)  Inception date of the Fund was December 30, 2022.

36 PIMCO EQUITY SERIES See Accompanying Notes

					Ratios/Supplemental Data
							Ratios to Average Net Assets(e)
Net Asset Value End of Year or Period(a)		Total Return(d)			Net Assets End of Year or Period (000s)		Expenses			Expenses Excluding Waivers			Expenses Excluding Interest Expense			Expenses Excluding Interest Expense and Waivers			Net Investment Income (Loss)			Portfolio Turnover Rate
$	10.44		(0.53	)%	$	194,837		0.03	%*		0.04	%*		0.03	%*		0.04	%*		4.98	%*		13	%
	10.81		(12.98	)		170,997		0.03			0.04			0.03			0.04			3.49			18
	12.92		19.37			191,873		0.03			0.04			0.03			0.04			2.88			17
	11.58		6.16			106,005		0.04			0.05			0.04			0.05			3.08			52
	11.28		6.70			21,432		0.04			0.05			0.04			0.05			3.41			64
	10.92		5.52			7,556		0.04			0.04			0.04			0.04			2.91			34
	10.45		(0.57	)		23,539		0.28	*		0.29	*		0.28	*		0.29	*		4.58	*		13
	10.81		(13.25	)		25,098		0.28			0.29			0.28			0.29			3.23			18
	12.93		19.09			31,198		0.28			0.29			0.28			0.29			2.67			17
	11.59		6.02			29,547		0.29			0.30			0.29			0.30			2.93			52
	11.28		6.44			11,586		0.29			0.30			0.29			0.30			3.08			64
	10.92		5.17			13,340		0.29			0.29			0.29			0.29			2.98			34
	10.36		(0.77	)		22,904		0.48	*		0.49	*		0.48	*		0.49	*		4.24	*		13
	10.73		(13.41	)		28,738		0.50	(f)		0.51	(f)		0.50	(f)		0.51	(f)		3.03			18
	12.84		18.71			30,699		0.53			0.54			0.53			0.54			2.39			17
	11.53		5.71			16,501		0.54			0.55			0.54			0.55			2.82			52
	11.24		6.25			7,204		0.54			0.55			0.54			0.55			2.92			64
	10.88		4.91			3,535		0.54			0.54			0.54			0.54			2.51			34

SEMIANNUAL REPORT | DECEMBER 31, 2022 37

Statements of Assets and Liabilities

(Amounts in thousands†, except per share amounts)	PIMCO REALPATH® Blend 2025 Fund			PIMCO REALPATH® Blend 2030 Fund			PIMCO REALPATH® Blend 2035 Fund			PIMCO REALPATH® Blend 2040 Fund
Assets:
Investments, at value
Investments in securities*	$	136,790		$	205,896		$	231,531		$	247,891
Investments in Affiliates		150,736			136,130			105,678			74,251
Financial Derivative Instruments
Exchange-traded or centrally cleared		919			1,090			0			0
Cash		0			182			0			0
Receivable for investments sold		6,477			4,881			3,042			4,220
Receivable for investments in Affiliates sold		1,752			230			201			0
Receivable for Fund shares sold		404			448			483			608
Interest and/or dividends receivable		0			0			0			0
Dividends receivable from Affiliates		563			515			382			270
Reimbursement receivable from PIMCO		4			4			4			4
Total Assets		297,645			349,376			341,321			327,244
Liabilities:
Financial Derivative Instruments
Exchange-traded or centrally cleared	$	241		$	286		$	0		$	0
Over the counter		42			51			51			51
Payable for investments purchased		525			648			2,013			2,570
Payable for investments in Affiliates purchased		8,233			5,149			5,052			3,903
Payable for Fund shares redeemed		401			7			114			145
Overdraft due to custodian		8			0			0			26
Accrued investment advisory fees		3			3			6			8
Accrued supervisory and administrative fees		6			7			7			7
Accrued distribution fees		6			7			6			4
Accrued servicing fees		1			2			2			2
Total Liabilities		9,466			6,160			7,251			6,716
Net Assets	$	288,179		$	343,216		$	334,070		$	320,528
Net Assets Consist of:
Paid in capital	$	315,579		$	366,670		$	349,984		$	328,771
Distributable earnings (accumulated loss)		(27,400	)		(23,454	)		(15,914	)		(8,243	)
Net Assets	$	288,179		$	343,216		$	334,070		$	320,528
Cost of investments in securities	$	130,436		$	197,760		$	226,980		$	240,744
Cost of investments in Affiliates	$	178,458		$	161,616		$	121,662		$	85,319
Cost or premiums of financial derivative instruments, net	$	1,307		$	1,528		$	0		$	0
* Includes repurchase agreements of:	$	383		$	608		$	564		$	904

^† A zero balance may reflect actual amounts rounding to less than one thousand.

38 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2022 (Unaudited)

PIMCO REALPATH® Blend 2045 Fund			PIMCO REALPATH® Blend 2050 Fund		PIMCO REALPATH® Blend 2055 Fund			PIMCO REALPATH® Blend 2060 Fund			PIMCO REALPATH® Blend 2065 Fund		PIMCO REALPATH® Blend Income Fund
$	251,112		$	255,599	$	183,808		$	38,152		$	2,678	$	100,900
	49,842			35,149		21,883			4,378			190		138,212
	0			0		0			0			0		807
	1			1		1			168			0		1
	3,704			2,452		752			412			0		741
	0			0		0			0			0		2,635
	314			443		310			297			3,000		535
	0			0		0			0			0		1
	179			129		83			16			0		562
	3			3		2			0			0		3
	305,155			293,776		206,839			43,423			5,868		244,397
$	0		$	0	$	0		$	0		$	0	$	211
	49			48		33			7			0		35
	3,201			3,166		3,622			478			2,678		1,853
	2,616			998		204			17			190		631
	46			3		53			1			0		366
	0			0		0			0			0		0
	8			8		6			1			0		2
	6			6		4			1			0		9
	4			5		2			0			0		5
	1			1		1			0			0		5
	5,931			4,235		3,925			505			2,868		3,117
$	299,224		$	289,541	$	202,914		$	42,918		$	3,000	$	241,280
$	302,394		$	286,427	$	207,317		$	45,844		$	3,000	$	266,994
	(3,170	)		3,114		(4,403	)		(2,926	)		0		(25,714	)
$	299,224		$	289,541	$	202,914		$	42,918		$	3,000	$	241,280
$	245,022		$	246,536	$	185,014		$	40,338		$	2,678	$	92,396
$	56,592		$	39,714	$	24,358		$	4,721		$	190	$	165,059
$	0		$	0	$	0		$	0		$	0	$	1,178
$	1,182		$	1,357	$	2,052		$	0		$	0	$	441

SEMIANNUAL REPORT | DECEMBER 31, 2022 39

Statements of Assets and Liabilities (Cont.)

	PIMCO REALPATH® Blend 2025 Fund		PIMCO REALPATH® Blend 2030 Fund		PIMCO REALPATH® Blend 2035 Fund		PIMCO REALPATH® Blend 2040 Fund
Net Assets:
Institutional Class	$	256,290	$	304,463	$	298,729	$	293,254
Administrative Class		26,479		30,761		27,777		19,331
Class A		5,410		7,992		7,564		7,943
Shares Issued and Outstanding:
Institutional Class		23,586		26,824		25,151		23,898
Administrative Class		2,444		2,717		2,344		1,580
Class A		500		708		636		652
Net Asset Value Per Share Outstanding(a):
Institutional Class	$	10.87	$	11.35	$	11.88	$	12.27
Administrative Class		10.83		11.32		11.85		12.23
Class A		10.83		11.29		11.88		12.19

^(a)  Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds.

40 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2022 (Unaudited)

PIMCO REALPATH® Blend 2045 Fund		PIMCO REALPATH® Blend 2050 Fund		PIMCO REALPATH® Blend 2055 Fund		PIMCO REALPATH® Blend 2060 Fund		PIMCO REALPATH® Blend 2065 Fund		PIMCO REALPATH® Blend Income Fund
$	275,109	$	264,213	$	189,656	$	41,527	$	2,800	$	194,837
	19,744		21,260		10,156		705		100		23,539
	4,371		4,068		3,102		686		100		22,904
	22,091		20,966		14,880		4,194		280		18,658
	1,592		1,695		799		72		10		2,254
	353		326		246		70		10		2,210
$	12.45	$	12.60	$	12.75	$	9.90	$	10.00	$	10.44
	12.40		12.54		12.71		9.86		10.00		10.45
	12.37		12.47		12.63		9.83		10.00		10.36

SEMIANNUAL REPORT | DECEMBER 31, 2022 41

Statements of Operations

Six Months Ended December 31, 2022 (Unaudited)
(Amounts in thousands†)	PIMCO REALPATH® Blend 2025 Fund			PIMCO REALPATH® Blend 2030 Fund			PIMCO REALPATH® Blend 2035 Fund			PIMCO REALPATH® Blend 2040 Fund
Investment Income:
Interest	$	10		$	11		$	12		$	12
Dividends		1,791			2,593			2,796			3,031
Dividends from Investments in Affiliates		4,316			3,805			2,647			1,831
Total Income		6,117			6,409			5,455			4,874
Expenses:
Investment advisory fees		13			16			29			43
Supervisory and administrative fees		33			39			37			36
Distribution and/or servicing fees - Administrative Class		33			39			34			25
Distribution and/or servicing fees - Class A		8			10			9			10
Trustee fees		9			10			9			9
Interest expense		1			1			1			1
Miscellaneous expense		0			0			0			0
Total Expenses		97			115			119			124
Waiver and/or Reimbursement by PIMCO		(2	)		(3	)		(2	)		(2	)
Net Expenses		95			112			117			122
Net Investment Income (Loss)		6,022			6,297			5,338			4,752
Net Realized Gain (Loss):
Investments in securities		(2,499	)		(2,885	)		(2,747	)		(2,654	)
Investments in Affiliates		(1,295	)		(308	)		(510	)		(230	)
Net capital gain distributions received from investments		690			1,047			1,161			1,228
Net capital gain distributions received from Affiliate investments		190			154			102			55
Exchange-traded or centrally cleared financial derivative instruments		(670	)		(745	)		0			0
Over the counter financial derivative instruments		(531	)		(639	)		(642	)		(696	)
Net Realized Gain (Loss)		(4,115	)		(3,376	)		(2,636	)		(2,297	)
Net Change in Unrealized Appreciation (Depreciation):
Investments in securities		3,984			4,760			4,655			4,634
Investments in Affiliates		(5,454	)		(5,811	)		(3,659	)		(2,483	)
Exchange-traded or centrally cleared financial derivative instruments		(674	)		(781	)		0			0
Over the counter financial derivative instruments		(31	)		(39	)		(40	)		(39	)
Net Change in Unrealized Appreciation (Depreciation)		(2,175	)		(1,871	)		956			2,112
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(268	)	$	1,050		$	3,658		$	4,567

^†  A zero balance may reflect actual amounts rounding to less than one thousand.

^(a)  Inception date of the Fund was December 30, 2022.

42 PIMCO EQUITY SERIES See Accompanying Notes

PIMCO REALPATH® Blend 2045 Fund			PIMCO REALPATH® Blend 2050 Fund			PIMCO REALPATH® Blend 2055 Fund			PIMCO REALPATH® Blend 2060 Fund			PIMCO REALPATH® Blend 2065 Fund(a)		PIMCO REALPATH® Blend Income Fund
$	12		$	12		$	10		$	0		$	0	$	9
	3,034			3,095			2,150			419			0		1,310
	1,149			797			481			89			0		4,461
	4,195			3,904			2,641			508			0		5,780
	40			39			27			5			0		12
	31			30			21			3			0		50
	24			26			12			1			0		31
	5			5			3			1			0		33
	8			9			6			1			0		8
	2			1			1			0			0		1
	0			0			0			0			0		6
	110			110			70			11			0		141
	(2	)		(2	)		(1	)		(0	)		0		(8	)
	108			108			69			11			0		133
	4,087			3,796			2,572			497			0		5,647
	(2,020	)		(2,046	)		(1,149	)		(447	)		0		(2,163	)
	(146	)		(80	)		(57	)		(3	)		0		(2,027	)
	1,212			1,221			863			184			0		452
	24			20			12			3			0		206
	0			0			0			0			0		(662	)
	(636	)		(669	)		(454	)		(93	)		0		(475	)
	(1,566	)		(1,554	)		(785	)		(356	)		0		(4,669	)
	4,088			4,074			2,815			630			0		3,285
	(1,548	)		(1,079	)		(620	)		(124	)		0		(4,482	)
	0			0			0			0			0		(626	)
	(38	)		(36	)		(25	)		(6	)		0		(25	)
	2,502			2,959			2,170			500			0		(1,848	)
$	5,023		$	5,201		$	3,957		$	641		$	0	$	(870	)

SEMIANNUAL REPORT | DECEMBER 31, 2022 43

Statements of Changes in Net Assets

	PIMCO REALPATH® Blend 2025 Fund						PIMCO REALPATH® Blend 2030 Fund						PIMCO REALPATH® Blend 2035 Fund						PIMCO REALPATH® Blend 2040 Fund
(Amounts in thousands†)	Six Months Ended December 31, 2022 (Unaudited)			Year Ended June 30, 2022			Six Months Ended December 31, 2022 (Unaudited)			Year Ended June 30, 2022			Six Months Ended December 31, 2022 (Unaudited)			Year Ended June 30, 2022			Six Months Ended December 31, 2022 (Unaudited)			Year Ended June 30, 2022
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	6,022		$	8,649		$	6,297		$	8,757		$	5,338		$	6,797		$	4,752		$	6,638
Net realized gain (loss)		(4,115	)		1,367			(3,376	)		514			(2,636	)		1,422			(2,297	)		915
Net change in unrealized appreciation (depreciation)		(2,175	)		(47,434	)		(1,871	)		(54,334	)		956			(48,747	)		2,112			(49,469	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(268	)		(37,418	)		1,050			(45,063	)		3,658			(40,528	)		4,567			(41,916	)
Distributions to Shareholders:
From net investment income and/or net realized capital gains
Institutional Class		(8,497	)		(8,018	)		(9,056	)		(9,001	)		(8,142	)		(7,076	)		(7,404	)		(7,842	)
Administrative Class		(892	)		(1,020	)		(919	)		(1,183	)		(759	)		(965	)		(483	)		(733	)
Class A		(186	)		(313	)		(236	)		(316	)		(200	)		(245	)		(193	)		(300	)
Total Distributions(b)		(9,575	)		(9,351	)		(10,211	)		(10,500	)		(9,101	)		(8,286	)		(8,080	)		(8,875	)
Fund Share Transactions:
Net increase (decrease) resulting from Fund share transactions*		53,887			30,933			74,738			50,972			91,143			67,622			72,947			58,837
Total Increase (Decrease) in Net Assets		44,044			(15,836	)		65,577			(4,591	)		85,700			18,808			69,434			8,046
Net Assets:
Beginning of period		244,135			259,971			277,639			282,230			248,370			229,562			251,094			243,048
End of period	$	288,179		$	244,135		$	343,216		$	277,639		$	334,070		$	248,370		$	320,528		$	251,094

^† A zero balance may reflect actual amounts rounding to less than one thousand.

* See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements.

^(a) Inception date of the Fund was December 30, 2022.

^(b)  The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

44 PIMCO EQUITY SERIES See Accompanying Notes

PIMCO REALPATH® Blend 2045 Fund						PIMCO REALPATH® Blend 2050 Fund						PIMCO REALPATH® Blend 2055 Fund						PIMCO REALPATH® Blend 2060 Fund						PIMCO REALPATH® Blend 2065 Fund		PIMCO REALPATH® Blend Income Fund
Six Months Ended December 31, 2022 (Unaudited)			Year Ended June 30, 2022			Six Months Ended December 31, 2022 (Unaudited)			Year Ended June 30, 2022			Six Months Ended December 31, 2022 (Unaudited)			Year Ended June 30, 2022			Six Months Ended December 31, 2022 (Unaudited)			Year Ended June 30, 2022			Inception date through December 31, 2022 (Unaudited)(a)		Six Months Ended December 31, 2022 (Unaudited)			Year Ended June 30, 2022
$	4,087		$	5,811		$	3,796		$	5,747		$	2,572		$	3,706		$	497		$	439		$	0	$	5,647		$	8,641
	(1,566	)		1,638			(1,554	)		2,550			(785	)		1,214			(356	)		934			0		(4,669	)		(593	)
	2,502			(45,708	)		2,959			(46,034	)		2,170			(30,394	)		500			(4,633	)		0		(1,848	)		(42,887	)
	5,023			(38,259	)		5,201			(37,737	)		3,957			(25,474	)		641			(3,260	)		0		(870	)		(34,839	)
	(6,537	)		(6,960	)		(6,079	)		(7,450	)		(4,094	)		(4,157	)		(606	)		(1,260	)		0		(5,554	)		(7,604	)
	(464	)		(675	)		(482	)		(792	)		(213	)		(261	)		(10	)		(14	)		0		(677	)		(1,147	)
	(99	)		(141	)		(89	)		(173	)		(63	)		(91	)		(9	)		(90	)		0		(659	)		(1,174	)
	(7,100	)		(7,776	)		(6,650	)		(8,415	)		(4,370	)		(4,509	)		(625	)		(1,364	)		0		(6,890	)		(9,925	)
	70,763			51,628			61,718			47,223			47,199			52,480			19,581			15,598			3,000		24,207			15,827
	68,686			5,593			60,269			1,071			46,786			22,497			19,597			10,974			3,000		16,447			(28,937	)
	230,538			224,945			229,272			228,201			156,128			133,631			23,321			12,347			0		224,833			253,770
$	299,224		$	230,538		$	289,541		$	229,272		$	202,914		$	156,128		$	42,918		$	23,321		$	3,000	$	241,280		$	224,833

SEMIANNUAL REPORT | DECEMBER 31, 2022 45

Schedule of Investments PIMCO REALPATH^® Blend 2025 Fund

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)

		SHARES		MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 47.5%
MUTUAL FUNDS 47.2%
Vanguard Developed Markets Index Fund ‘Institutional’		3,534,489	$		47,822
Vanguard Emerging Markets Stock Index Fund ‘Institutional’		682,191			16,816
Vanguard Institutional Index Fund ‘Institutional’		208,013			66,903
Vanguard Small-Cap Index Fund ‘Institutional’		48,385			4,254
Total Mutual Funds (Cost $129,441)					135,795
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 0.3%
REPURCHASE AGREEMENTS (d) 0.1%
					383
U.S. TREASURY BILLS 0.2%
4.200% due 03/02/2023 (a)(b)(g)	$	616			612
Total Short-Term Instruments (Cost $995)					995
Total Investments in Securities (Cost $130,436)					136,790

	SHARES		MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 52.3%
MUTUAL FUNDS (c) 49.2%
PIMCO Emerging Markets Local Currency and Bond Fund	2,670,808	$		14,689
PIMCO High Yield Fund	893,639			6,711
PIMCO Income Fund	3,696,484			38,259
PIMCO International Bond Fund (U.S. Dollar-Hedged)	753,147			7,004
PIMCO Long-Term Real Return Fund	3,639,181			16,049
PIMCO Long-Term U.S. Government Fund	4,891,048			18,244
PIMCO Real Return Fund	942,717			9,418
PIMCO Total Return Fund	3,722,090			31,489
Total Mutual Funds (Cost $169,587)				141,863

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 3.1%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.1%
PIMCO Short-Term Floating NAV Portfolio III		913,252	$		8,873
Total Short-Term Instruments (Cost $8,871)					8,873
Total Investments in Affiliates (Cost $178,458)					150,736
Total Investments 99.8% (Cost $308,894)			$		287,526
Financial Derivative Instruments (e)(f) 0.2% (Cost or Premiums, net $1,307)					636
Other Assets and Liabilities, net 0.0%					17
Net Assets 100.0%			$		288,179

NOTES TO SCHEDULE OF INVESTMENTS:    

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Coupon represents a weighted average yield to maturity.

(b) Zero coupon security.

(c) Institutional Class Shares of each Fund.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(d)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to  be Received(1)
FICC		1.900	%		12/30/2022		01/03/2023	$	383	U.S. Treasury Bills 0.000% due 06/29/2023	$	(391	)	$	383	$	383
Total Repurchase Agreements											$	(391	)	$	383	$	383

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:

Counterparty	Repurchase Agreement Proceeds to  be Received(1)		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure(2)
Global/Master Repurchase Agreement
FICC	$	383	$	0	$	0	$	383	$	(391	)	$	(8	)
Total Borrowings and Other Financing Transactions	$	383	$	0	$	0

⁽¹⁾ Includes accrued interest.

⁽²⁾ Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

46 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2022 (Unaudited)

(e)  FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

PURCHASED OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Notional Amount		Cost		Market Value
Put - CBOE S&P 500		3,050.000		03/17/2023		14	$	1	$	120	$	12
Put - CBOE S&P 500		3,375.000		03/17/2023		27		3		339		76
Put - CBOE S&P 500		2,850.000		06/16/2023		45		5		505		108
Put - CBOE S&P 500		3,075.000		09/15/2023		41		4		497		282
Put - CBOE S&P 500		2,900.000		12/15/2023		13		1		108		92
Put - CBOE S&P 500		3,150.000		12/15/2023		33		3		395		349
Total Purchased Options									$	1,964	$	919

WRITTEN OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Notional Amount		Premiums (Received)			Market Value
Put - CBOE S&P 500		2,500.000		03/17/2023		27	$	3	$	(119	)	$	(7	)
Put - CBOE S&P 500		2,200.000		06/16/2023		45		5		(210	)		(34	)
Put - CBOE S&P 500		2,350.000		09/15/2023		41		4		(178	)		(79	)
Put - CBOE S&P 500		2,500.000		12/15/2023		33		3		(150	)		(121	)
Total Written Options									$	(657	)	$	(241	)

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2022:

	Financial Derivative Assets								Financial Derivative Liabilities
	Market Value		Variation Margin Asset				Total		Market Value		Variation Margin Liability				Total
	Purchased Options		Futures		Swap Agreements				Written Options		Futures		Swap Agreements
Total Exchange-Traded or Centrally Cleared	$	919	$	0	$	0	$	919	$	(241)	$	0	$	0	$	(241)

(f)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON EQUITY INDICES

Counterparty	Pay/Receive(1)	Underlying Reference	# of Units		Financing Rate	Payment Frequency	Maturity Date	Notional Amount		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
															Asset		Liability
JPM	Receive	FNRETR Index		316	4.730% (1-Month  USD-LIBOR plus a specified spread)	Monthly	02/22/2023	$	6,348	$	0	$	(27	)	$	0	$	(27	)
	Receive	FNRETR Index		151	4.710% (1-Month  USD-LIBOR plus a specified spread)	Monthly	08/23/2023		3,034		0		(13	)		0		(13	)
	Receive	FNRETR Index		59		Monthly	10/18/2023		1,185		0		(2	)		0		(2	)
Total Swap Agreements										$	0	$	(42	)	$	0	$	(42	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2022:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts		Written Options		Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)		Net Exposure(2)
JPM	$	0	$	0	$	0	$	0	$	0	$	0	$	(42	)	$	(42	)	$	(42	)	$	612	$	570

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2022 47

Schedule of Investments PIMCO REALPATH^® Blend 2025 Fund (Cont.)

(g) Securities with an aggregate market value of $612 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2022.

⁽¹⁾ Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference.

⁽²⁾ Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2022:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0	$	919	$	0	$	0	$	919
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Written Options	$	0	$	0	$	241	$	0	$	0	$	241
Over the counter
Swap Agreements	$	0	$	0	$	42	$	0	$	0	$	42
	$	0	$	0	$	283	$	0	$	0	$	283

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2022:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Exchange Contracts		Interest Rate Contracts		Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0	$	(876	)	$	0	$	0	$	(876	)
Written Options		0		0		206			0		0		206
	$	0	$	0	$	(670	)	$	0	$	0	$	(670	)
Over the counter
Swap Agreements	$	0	$	0	$	(531	)	$	0	$	0	$	(531	)
	$	0	$	0	$	(1,201	)	$	0	$	0	$	(1,201	)
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0	$	(950	)	$	0	$	0	$	(950	)
Written Options		0		0		276			0		0		276
	$	0	$	0	$	(674	)	$	0	$	0	$	(674	)
Over the counter
Swap Agreements	$	0	$	0	$	(31	)	$	0	$	0	$	(31	)
	$	0	$	0	$	(705	)	$	0	$	0	$	(705	)

48 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2022 (Unaudited)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2022
Investments in Securities, at Value
Mutual Funds	$	135,795	$	0	$	0	$	135,795
Short-Term Instruments
Repurchase Agreements		0		383		0		383
U.S. Treasury Bills		0		612		0		612
	$	135,795	$	995	$	0	$	136,790
Investments in Affiliates, at Value
Mutual Funds		141,863		0		0		141,863
Short-Term Instruments
Central Funds Used for Cash Management Purposes		8,873		0		0		8,873
	$	150,736	$	0	$	0	$	150,736
Total Investments	$	286,531	$	995	$	0	$	287,526

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2022
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	919		$	0	$	919
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		0		(241	)		0		(241	)
Over the counter		0		(42	)		0		(42	)
	$	0	$	(283	)	$	0	$	(283	)
Total Financial Derivative Instruments	$	0	$	636		$	0	$	636
Totals	$	286,531	$	1,631		$	0	$	288,162

There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2022 49

Schedule of Investments PIMCO REALPATH^® Blend 2030 Fund

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)

		SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 60.0%
MUTUAL FUNDS 59.5%
Vanguard Developed Markets Index Fund ‘Institutional’			4,821,604	$		65,236
Vanguard Emerging Markets Stock Index Fund ‘Institutional’			1,012,033			24,947
Vanguard Institutional Index Fund ‘Institutional’			328,100			105,527
Vanguard Small-Cap Index Fund ‘Institutional’			98,910			8,697
Total Mutual Funds (Cost $196,270)						204,407
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 0.5%
REPURCHASE AGREEMENTS (d) 0.2%
						608
U.S. TREASURY BILLS 0.3%
4.228% due 03/02/2023 - 03/23/2023 (a)(b)(g)	$		888			881
Total Short-Term Instruments (Cost $1,490)						1,489
Total Investments in Securities (Cost $197,760)						205,896

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 39.7%
MUTUAL FUNDS (c) 36.6%
PIMCO Emerging Markets Local Currency and Bond Fund		2,804,465	$		15,424
PIMCO High Yield Fund		841,941			6,323
PIMCO Income Fund		2,699,403			27,939
PIMCO International Bond Fund (U.S. Dollar-Hedged)		509,486			4,738
PIMCO Long-Term Real Return Fund		4,072,508			17,960
PIMCO Long-Term U.S. Government Fund		6,580,389			24,545
PIMCO Real Return Fund		704,680			7,040
PIMCO Total Return Fund		2,550,618			21,578
Total Mutual Funds (Cost $151,040)					125,547

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 3.1%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.1%
PIMCO Short-Term Floating NAV Portfolio III		1,089,220	$		10,583
Total Short-Term Instruments (Cost $10,576)					10,583
Total Investments in Affiliates (Cost $161,616)					136,130
Total Investments 99.7% (Cost $359,376)			$		342,026
Financial Derivative Instruments (e)(f) 0.2% (Cost or Premiums, net $1,528)					753
Other Assets and Liabilities, net 0.1%					437
Net Assets 100.0%			$		343,216

NOTES TO SCHEDULE OF INVESTMENTS:

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Coupon represents a weighted average yield to maturity.

(b) Zero coupon security.

(c) Institutional Class Shares of each Fund.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(d)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to  be Received(1)
FICC		1.900	%		12/30/2022		01/03/2023	$	608	U.S. Treasury Notes 0.125% due 05/15/2023	$	(620	)	$	608	$	608
Total Repurchase Agreements											$	(620	)	$	608	$	608

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:

Counterparty	Repurchase Agreement Proceeds to  be Received(1)		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure(2)
Global/Master Repurchase Agreement
FICC	$	608	$	0	$	0	$	608	$	(620	)	$	(12	)
Total Borrowings and Other Financing Transactions	$	608	$	0	$	0

⁽¹⁾ Includes accrued interest.

⁽²⁾ Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

50 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2022 (Unaudited)

(e)  FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

PURCHASED OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Notional Amount		Cost		Market Value
Put - CBOE S&P 500		3,050.000		03/17/2023		16	$	2	$	137	$	14
Put - CBOE S&P 500		3,375.000		03/17/2023		31		3		389		88
Put - CBOE S&P 500		2,850.000		06/16/2023		51		5		573		122
Put - CBOE S&P 500		3,075.000		09/15/2023		48		5		582		330
Put - CBOE S&P 500		2,900.000		12/15/2023		16		2		133		113
Put - CBOE S&P 500		3,150.000		12/15/2023		40		4		479		423
Total Purchased Options									$	2,293	$	1,090
										��

WRITTEN OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Notional Amount		Premiums (Received)			Market Value
Put - CBOE S&P 500		2,500.000		03/17/2023		31	$	3	$	(137	)	$	(9	)
Put - CBOE S&P 500		2,200.000		06/16/2023		51		5		(238	)		(38	)
Put - CBOE S&P 500		2,350.000		09/15/2023		48		5		(208	)		(92	)
Put - CBOE S&P 500		2,500.000		12/15/2023		40		4		(182	)		(147	)
Total Written Options									$	(765	)	$	(286	)

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2022:

	Financial Derivative Assets								Financial Derivative Liabilities
	Market Value		Variation Margin Asset				Total		Market Value		Variation Margin Liability				Total
	Purchased Options		Futures		Swap Agreements				Written Options		Futures		Swap Agreements
Total Exchange-Traded or Centrally Cleared	$	1,090	$	0	$	0	$	1,090	$	(286)	$	0	$	0	$	(286)

(f)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON EQUITY INDICES

Counterparty	Pay/Receive(1)	Underlying Reference	# of Units		Financing Rate	Payment Frequency	Maturity Date	Notional Amount		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
															Asset		Liability
JPM	Receive	FNRETR Index		375	4.730% (1-Month USD-LIBOR plus a specified spread)	Monthly	02/22/2023	$	7,533	$	0	$	(32	)	$	0	$	(32	)
	Receive	FNRETR Index		188	4.710% (1-Month USD-LIBOR plus a specified spread)	Monthly	08/23/2023		3,777		0		(16	)		0		(16	)
	Receive	FNRETR Index		76		Monthly	10/18/2023		1,527		0		(3	)		0		(3	)
Total Swap Agreements										$	0	$	(51	)	$	0	$	(51	)

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2022 51

Schedule of Investments PIMCO REALPATH^® Blend 2030 Fund (Cont.)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2022:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts		Written Options		Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)		Net Exposure(2)
JPM	$	0	$	0	$	0	$	0	$	0	$	0	$	(51	)	$	(51	)	$	(51	)	$	630	$	579

(g) Securities with an aggregate market value of $630 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2022.

⁽¹⁾ Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference.

⁽²⁾ Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2022:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0	$	1,090	$	0	$	0	$	1,090
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Written Options	$	0	$	0	$	286	$	0	$	0	$	286
Over the counter
Swap Agreements	$	0	$	0	$	51	$	0	$	0	$	51
	$	0	$	0	$	337	$	0	$	0	$	337

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2022:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Exchange Contracts		Interest Rate Contracts		Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0	$	(973	)	$	0	$	0	$	(973	)
Written Options		0		0		228			0		0		228
	$	0	$	0	$	(745	)	$	0	$	0	$	(745	)
Over the counter
Swap Agreements	$	0	$	0	$	(639	)	$	0	$	0	$	(639	)
	$	0	$	0	$	(1,384	)	$	0	$	0	$	(1,384	)
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0	$	(1,104	)	$	0	$	0	$	(1,104	)
Written Options		0		0		323			0		0		323
	$	0	$	0	$	(781	)	$	0	$	0	$	(781	)
Over the counter
Swap Agreements	$	0	$	0	$	(39	)	$	0	$	0	$	(39	)
	$	0	$	0	$	(820	)	$	0	$	0	$	(820	)

52 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2022 (Unaudited)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2022
Investments in Securities, at Value
Mutual Funds	$	204,407	$	0	$	0	$	204,407
Short-Term Instruments
Repurchase Agreements		0		608		0		608
U.S. Treasury Bills		0		881		0		881
	$	204,407	$	1,489	$	0	$	205,896
Investments in Affiliates, at Value
Mutual Funds		125,547		0		0		125,547
Short-Term Instruments
Central Funds Used for Cash Management Purposes		10,583		0		0		10,583
	$	136,130	$	0	$	0	$	136,130
Total Investments	$	340,537	$	1,489	$	0	$	342,026

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2022
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	1,090		$	0	$	1,090
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		0		(286	)		0		(286	)
Over the counter		0		(51	)		0		(51	)
	$	0	$	(337	)	$	0	$	(337	)
Total Financial Derivative Instruments	$	0	$	753		$	0	$	753
Totals	$	340,537	$	2,242		$	0	$	342,779

There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2022 53

Schedule of Investments PIMCO REALPATH^® Blend 2035 Fund

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)

		SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 69.3%
MUTUAL FUNDS 68.9%
Vanguard Developed Markets Index Fund ‘Institutional’			5,406,581	$		73,151
Vanguard Emerging Markets Stock Index Fund ‘Institutional’			1,086,697			26,787
Vanguard Institutional Index Fund ‘Institutional’			369,601			118,875
Vanguard Small-Cap Index Fund ‘Institutional’			128,317			11,283
Total Mutual Funds (Cost $225,545)						230,096
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 0.4%
REPURCHASE AGREEMENTS (d) 0.2%
						564
U.S. TREASURY BILLS 0.2%
4.228% due 03/02/2023 - 03/23/2023 (a)(b)(f)	$		878			871
Total Short-Term Instruments (Cost $1,435)						1,435
Total Investments in Securities (Cost $226,980)						231,531

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 31.6%
MUTUAL FUNDS (c) 27.1%
PIMCO Emerging Markets Local Currency and Bond Fund		2,420,238	$		13,311
PIMCO High Yield Fund		592,581			4,450
PIMCO Income Fund		1,818,002			18,816
PIMCO International Bond Fund (U.S. Dollar-Hedged)		326,852			3,040
PIMCO Long-Term Real Return Fund		2,894,842			12,766
PIMCO Long-Term U.S. Government Fund		5,086,268			18,972
PIMCO Real Return Fund		500,964			5,005
PIMCO Total Return Fund		1,695,141			14,341
Total Mutual Funds (Cost $106,697)					90,701

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 4.5%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.5%
PIMCO Short-Term Floating NAV Portfolio III		1,541,488	$		14,977
Total Short-Term Instruments (Cost $14,965)					14,977
Total Investments in Affiliates (Cost $121,662)					105,678
Total Investments 100.9% (Cost $348,642)			$		337,209
Financial Derivative Instruments (e) (0.0)% (Cost or Premiums, net $0)					(51	)
Other Assets and Liabilities, net (0.9)%					(3,088	)
Net Assets 100.0%			$		334,070

NOTES TO SCHEDULE OF INVESTMENTS:

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Coupon represents a weighted average yield to maturity.

(b) Zero coupon security.

(c) Institutional Class Shares of each Fund.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(d)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to  be Received(1)
FICC		1.900	%		12/30/2022		01/03/2023	$	564	U.S. Treasury Bills 0.000% due 06/01/2023	$	(575	)	$	564	$	564
Total Repurchase Agreements											$	(575	)	$	564	$	564

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:

Counterparty	Repurchase Agreement Proceeds to  be Received(1)		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure(2)
Global/Master Repurchase Agreement
FICC	$	564	$	0	$	0	$	564	$	(575	)	$	(11	)
Total Borrowings and Other Financing Transactions	$	564	$	0	$	0

⁽¹⁾ Includes accrued interest.

⁽²⁾ Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

54 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2022 (Unaudited)

(e)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON EQUITY INDICES

Counterparty	Pay/Receive(1)	Underlying Reference	# of Units		Financing Rate	Payment Frequency	Maturity Date	Notional Amount		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
															Asset		Liability
JPM	Receive	FNRETR Index		399	4.730% (1-Month  USD-LIBOR plus a specified spread)	Monthly	02/22/2023	$	8,016	$	0	$	(34	)	$	0	$	(34	)
	Receive	FNRETR Index		130	4.710% (1-Month  USD-LIBOR plus a specified spread)	Monthly	08/23/2023		2,611		0		(11	)		0		(11	)
	Receive	FNRETR Index		109		Monthly	10/18/2023		2,190		0		(6	)		0		(6	)
Total Swap Agreements										$	0	$	(51	)	$	0	$	(51	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2022:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts		Written Options		Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)		Net Exposure(2)
JPM	$	0	$	0	$	0	$	0	$	0	$	0	$	(51	)	$	(51	)	$	(51	)	$	620	$	569

(f) Securities with an aggregate market value of $620 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2022.

⁽¹⁾ Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference.

⁽²⁾ Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2022:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Liabilities
Over the counter
Swap Agreements	$	0	$	0	$	51	$	0	$	0	$	51

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2022:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Exchange Contracts		Interest Rate Contracts		Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Over the counter
Swap Agreements	$	0	$	0	$	(642	)	$	0	$	0	$	(642	)
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Over the counter
Swap Agreements	$	0	$	0	$	(40	)	$	0	$	0	$	(40	)

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2022 55

Schedule of Investments PIMCO REALPATH^® Blend 2035 Fund (Cont.) December 31, 2022 (Unaudited)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2022
Investments in Securities, at Value
Mutual Funds	$	230,096	$	0	$	0	$	230,096
Short-Term Instruments
Repurchase Agreements		0		564		0		564
U.S. Treasury Bills		0		871		0		871
	$	230,096	$	1,435	$	0	$	231,531
Investments in Affiliates, at Value
Mutual Funds		90,701		0		0		90,701
Short-Term Instruments
Central Funds Used for Cash Management Purposes		14,977		0		0		14,977
	$	105,678	$	0	$	0	$	105,678
Total Investments	$	335,774	$	1,435	$	0	$	337,209

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2022
Financial Derivative Instruments - Liabilities
Over the counter	$	0	$	(51	)	$	0	$	(51	)
Total Financial Derivative Instruments	$	0	$	(51	)	$	0	$	(51	)
Totals	$	335,774	$	1,384		$	0	$	337,158

There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

56 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO REALPATH^® Blend 2040 Fund December 31, 2022 (Unaudited)

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)

		SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 77.5%
MUTUAL FUNDS 76.9%
Vanguard Developed Markets Index Fund ‘Institutional’			5,989,220	$		81,034
Vanguard Emerging Markets Stock Index Fund ‘Institutional’			1,085,007			26,745
Vanguard Institutional Index Fund ‘Institutional’			391,998			126,078
Vanguard Small-Cap Index Fund ‘Institutional’			139,299			12,249
Total Mutual Funds (Cost $238,959)						246,106
		PRINCIPAL AMOUNT (000s)
SHORT-TERM INSTRUMENTS 0.6%
REPURCHASE AGREEMENTS (d) 0.3%
						904
U.S. TREASURY BILLS 0.3%
4.227% due 03/02/2023 - 03/23/2023 (a)(b)(f)	$		888			881
Total Short-Term Instruments (Cost $1,785)						1,785
Total Investments in Securities (Cost $240,744)						247,891

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 23.0%
MUTUAL FUNDS (c) 19.0%
PIMCO Emerging Markets Local Currency and Bond Fund		1,995,210	$		10,974
PIMCO High Yield Fund		311,425			2,339
PIMCO Income Fund		1,146,743			11,869
PIMCO International Bond Fund (U.S. Dollar-Hedged)		218,176			2,029
PIMCO Long-Term Real Return Fund		1,911,704			8,430
PIMCO Long-Term U.S. Government Fund		3,358,098			12,526
PIMCO Real Return Fund		356,657			3,563
PIMCO Total Return Fund		1,124,200			9,511
Total Mutual Funds (Cost $72,313)					61,241

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 4.0%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.0%
PIMCO Short-Term Floating NAV Portfolio III		1,339,059	$		13,010
Total Short-Term Instruments (Cost $13,006)					13,010
Total Investments in Affiliates (Cost $85,319)					74,251
Total Investments 100.5% (Cost $326,063)			$		322,142
Financial Derivative Instruments (e) (0.0)% (Cost or Premiums, net $0)					(51	)
Other Assets and Liabilities, net (0.5)%					(1,563	)
Net Assets 100.0%			$		320,528

NOTES TO SCHEDULE OF INVESTMENTS:

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Coupon represents a weighted average yield to maturity.

(b) Zero coupon security.

(c) Institutional Class Shares of each Fund.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(d)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to  be Received(1)
FICC		1.900	%		12/30/2022		01/03/2023	$	904	U.S. Treasury Bills 0.000% due 06/29/2023	$	(922	)	$	904	$	904
Total Repurchase Agreements											$	(922	)	$	904	$	904

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:

Counterparty	Repurchase Agreement Proceeds to  be Received(1)		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure(2)
Global/Master Repurchase Agreement
FICC	$	904	$	0	$	0	$	904	$	(922	)	$	(18	)
Total Borrowings and Other Financing Transactions	$	904	$	0	$	0

⁽¹⁾ Includes accrued interest.

⁽²⁾ Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2022 57

Schedule of Investments PIMCO REALPATH^® Blend 2040 Fund (Cont.)

(e)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON EQUITY INDICES

Counterparty	Pay/Receive(1)	Underlying Reference	# of Units		Financing Rate	Payment Frequency	Maturity Date	Notional Amount		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
															Asset		Liability
JPM	Receive	FNRETR Index		347	4.730% (1-Month USD-LIBOR plus a specified spread)	Monthly	02/22/2023	$	6,971	$	0	$	(29	)	$	0	$	(29	)
	Receive	FNRETR Index		191	4.710% (1-Month USD-LIBOR plus a specified spread)	Monthly	08/23/2023		3,837		0		(16	)		0		(16	)
	Receive	FNRETR Index		94	4.640% (1-Month USD-LIBOR plus a specified spread)	Monthly	10/18/2023		1,888		0		(6	)		0		(6	)
Total Swap Agreements										$	0	$	(51	)	$	0	$	(51	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2022:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts		Written Options		Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)		Net Exposure(2)
JPM	$	0	$	0	$	0	$	0	$	0	$	0	$	(51	)	$	(51	)	$	(51	)	$	630	$	579
Total Over the Counter	$	0	$	0	$	0	$	0	$	0	$	0	$	(51	)	$	(51	)

(f) Securities with an aggregate market value of $630 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2022.

⁽¹⁾ Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference.

⁽²⁾ Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2022:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Liabilities
Over the counter
Swap Agreements	$	0	$	0	$	51	$	0	$	0	$	51

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2022:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Exchange Contracts		Interest Rate Contracts		Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Over the counter
Swap Agreements	$	0	$	0	$	(696	)	$	0	$	0	$	(696	)
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Over the counter
Swap Agreements	$	0	$	0	$	(39	)	$	0	$	0	$	(39	)

58 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2022 (Unaudited)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2022
Investments in Securities, at Value
Mutual Funds	$	246,106	$	0	$	0	$	246,106
Short-Term Instruments
Repurchase Agreements		0		904		0		904
U.S. Treasury Bills		0		881		0		881
	$	246,106	$	1,785	$	0	$	247,891
Investments in Affiliates, at Value
Mutual Funds		61,241		0		0		61,241
Short-Term Instruments
Central Funds Used for Cash Management Purposes		13,010		0		0		13,010
	$	74,251	$	0	$	0	$	74,251
Total Investments	$	320,357	$	1,785	$	0	$	322,142

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2022
Financial Derivative Instruments - Liabilities
Over the counter	$	0	$	(51	)	$	0	$	(51	)
Total Financial Derivative Instruments	$	0	$	(51	)	$	0	$	(51	)
Totals	$	320,357	$	1,734		$	0	$	322,091

There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2022 59

Schedule of Investments PIMCO REALPATH^® Blend 2045 Fund

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)

		SHARES		MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 83.9%
MUTUAL FUNDS 83.3%
Vanguard Developed Markets Index Fund ‘Institutional’		6,408,873	$	86,712
Vanguard Emerging Markets Stock Index Fund ‘Institutional’		1,025,935		25,289
Vanguard Institutional Index Fund ‘Institutional’		388,904		125,083
Vanguard Small-Cap Index Fund ‘Institutional’		139,482		12,265
Total Mutual Funds (Cost $243,259)				249,349
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 0.6%
REPURCHASE AGREEMENTS (d) 0.4%
				1,182
U.S. TREASURY BILLS 0.2%
4.200% due 03/02/2023 (a)(b)(f)	$	585		581
Total Short-Term Instruments (Cost $1,763)				1,763
Total Investments in Securities (Cost $245,022)				251,112

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 16.7%
MUTUAL FUNDS (c) 12.5%
PIMCO Emerging Markets Local Currency and Bond Fund		1,369,460	$		7,532
PIMCO High Yield Fund		73,828			554
PIMCO Income Fund		595,715			6,166
PIMCO International Bond Fund (U.S. Dollar-Hedged)		142,215			1,323
PIMCO Long-Term Real Return Fund		1,281,144			5,650
PIMCO Long-Term U.S. Government Fund		2,250,696			8,395
PIMCO Real Return Fund		208,598			2,084
PIMCO Total Return Fund		661,628			5,597
Total Mutual Funds (Cost $44,059)					37,301

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 4.2%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.2%
PIMCO Short-Term Floating NAV Portfolio III		1,290,742	$		12,541
Total Short-Term Instruments (Cost $12,533)					12,541
Total Investments in Affiliates (Cost $56,592)					49,842
Total Investments 100.6% (Cost $301,614)			$		300,954
Financial Derivative Instruments (e) (0.0)% (Cost or Premiums, net $0)					(49	)
Other Assets and Liabilities, net (0.6)%					(1,681	)
Net Assets 100.0%			$		299,224

NOTES TO SCHEDULE OF INVESTMENTS:

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Coupon represents a weighted average yield to maturity.

(b) Zero coupon security.

(c) Institutional Class Shares of each Fund.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(d)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to  be Received(1)
FICC		1.900	%		12/30/2022		01/03/2023	$	1,182	U.S. Treasury Bills 0.000% due 06/01/2023	$	(1,206	)	$	1,182	$	1,182
Total Repurchase Agreements											$	(1,206	)	$	1,182	$	1,182

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:

Counterparty	Repurchase Agreement Proceeds to  be Received(1)		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure(2)
Global/Master Repurchase Agreement
FICC	$	1,182	$	0	$	0	$	1,182	$	(1,206	)	$	(24	)
Total Borrowings and Other Financing Transactions	$	1,182	$	0	$	0

⁽¹⁾ Includes accrued interest.

⁽²⁾ Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

60 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2022 (Unaudited)

(e)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON EQUITY INDICES

Counterparty	Pay/Receive(1)	Underlying Reference	# of Units		Financing Rate	Payment Frequency	Maturity Date	Notional Amount		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
															Asset		Liability
JPM	Receive	FNRETR Index		331	4.730% (1-Month  USD-LIBOR plus a specified spread)	Monthly	02/22/2023	$	6,650	$	0	$	(28	)	$	0	$	(28	)
	Receive	FNRETR Index		168	4.710% (1-Month  USD-LIBOR plus a specified spread)	Monthly	08/23/2023		3,375		0		(14	)		0		(14	)
	Receive	FNRETR Index		104	4.640% (1-Month  USD-LIBOR plus a specified spread)	Monthly	10/18/2023		2,089		0		(7	)		0		(7	)
Total Swap Agreements										$	0	$	(49	)	$	0	$	(49	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2022:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts		Written Options		Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)		Net Exposure(2)
JPM	$	0	$	0	$	0	$	0	$	0	$	0	$	(49	)	$	(49	)	$	(49	)	$	581	$	532
Total Over the Counter	$	0	$	0	$	0	$	0	$	0	$	0	$	(49	)	$	(49	)

(f) Securities with an aggregate market value of $581 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2022.

⁽¹⁾ Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference.

⁽²⁾ Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2022:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Liabilities
Over the counter
Swap Agreements	$	0	$	0	$	49	$	0	$	0	$	49

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2022:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Exchange Contracts		Interest Rate Contracts		Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Over the counter
Swap Agreements	$	0	$	0	$	(636	)	$	0	$	0	$	(636	)
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Over the counter
Swap Agreements	$	0	$	0	$	(38	)	$	0	$	0	$	(38	)

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2022 61

Schedule of Investments PIMCO REALPATH^® Blend 2045 Fund (Cont.) December 31, 2022 (Unaudited)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2022
Investments in Securities, at Value
Mutual Funds	$	249,349	$	0	$	0	$	249,349
Short-Term Instruments
Repurchase Agreements		0		1,182		0		1,182
U.S. Treasury Bills		0		581		0		581
	$	249,349	$	1,763	$	0	$	251,112
Investments in Affiliates, at Value
Mutual Funds		37,301		0		0		37,301
Short-Term Instruments
Central Funds Used for Cash Management Purposes		12,541		0		0		12,541
	$	49,842	$	0	$	0	$	49,842
Total Investments	$	299,191	$	1,763	$	0	$	300,954

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2022
Financial Derivative Instruments - Liabilities
Over the counter	$	0	$	(49	)	$	0	$	(49	)
Total Financial Derivative Instruments	$	0	$	(49	)	$	0	$	(49	)
Totals	$	299,191	$	1,714		$	0	$	300,905

There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

62 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO REALPATH^® Blend 2050 Fund December 31, 2022 (Unaudited)

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)

		SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 88.2%
MUTUAL FUNDS 87.5%
Vanguard Developed Markets Index Fund ‘Institutional’			6,704,220	$		90,708
Vanguard Emerging Markets Stock Index Fund ‘Institutional’			992,370			24,462
Vanguard Institutional Index Fund ‘Institutional’			391,474			125,910
Vanguard Small-Cap Index Fund ‘Institutional’			143,179			12,590
Total Mutual Funds (Cost $244,607)						253,670
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 0.7%
REPURCHASE AGREEMENTS (d) 0.5%
						1,357
U.S. TREASURY BILLS 0.2%
4.199% due 03/02/2023 (a)(b)(f)	$		576			572
Total Short-Term Instruments (Cost $1,929)						1,929
Total Investments in Securities (Cost $246,536)						255,599

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 12.2%
MUTUAL FUNDS (c) 8.1%
PIMCO Emerging Markets Local Currency and Bond Fund		838,906	$		4,614
PIMCO Income Fund		334,464			3,462
PIMCO International Bond Fund (U.S. Dollar-Hedged)		116,634			1,085
PIMCO Long-Term Real Return Fund		855,273			3,772
PIMCO Long-Term U.S. Government Fund		1,503,576			5,608
PIMCO Real Return Fund		135,774			1,356
PIMCO Total Return Fund		408,112			3,452
Total Mutual Funds (Cost $27,922)					23,349

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 4.1%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.1%
PIMCO Short-Term Floating NAV Portfolio III		1,214,449	$		11,800
Total Short-Term Instruments (Cost $11,792)					11,800
Total Investments in Affiliates (Cost $39,714)					35,149
Total Investments 100.4% (Cost $286,250)			$		290,748
Financial Derivative Instruments (e) (0.0)% (Cost or Premiums, net $0)					(48	)
Other Assets and Liabilities, net (0.4)%					(1,159	)
Net Assets 100.0%			$		289,541

NOTES TO SCHEDULE OF INVESTMENTS:

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Coupon represents a weighted average yield to maturity.

(b) Zero coupon security.

(c) Institutional Class Shares of each Fund.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(d)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to  be Received(1)
FICC		1.900	%		12/30/2022		01/03/2023	$	1,357	U.S. Treasury Bills 0.000% due 06/29/2023	$	(1,384	)	$	1,357	$	1,357
Total Repurchase Agreements											$	(1,384	)	$	1,357	$	1,357

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:

Counterparty	Repurchase Agreement Proceeds to  be Received(1)		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure(2)
Global/Master Repurchase Agreement
FICC	$	1,357	$	0	$	0	$	1,357	$	(1,384	)	$	(27	)
Total Borrowings and Other Financing Transactions	$	1,357	$	0	$	0

⁽¹⁾ Includes accrued interest.

⁽²⁾ Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2022 63

Schedule of Investments PIMCO REALPATH^® Blend 2050 Fund (Cont.)

(e)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON EQUITY INDICES

Counterparty	Pay/Receive(1)	Underlying Reference	# of Units		Financing Rate	Payment Frequency	Maturity Date	Notional Amount		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
															Asset		Liability
JPM	Receive	FNRETR Index		319	4.730% (1-Month  USD-LIBOR plus a specified spread)	Monthly	02/22/2023	$	6,409	$	0	$	(27	)	$	0	$	(27	)
	Receive	FNRETR Index		164	4.710% (1-Month  USD-LIBOR plus a specified spread)	Monthly	08/23/2023		3,295		0		(14	)		0		(14	)
	Receive	FNRETR Index		106		Monthly	10/18/2023		2,129		0		(7	)		0		(7	)
Total Swap Agreements										$	0	$	(48	)	$	0	$	(48	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2022:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts		Written Options		Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)		Net Exposure(2)
JPM	$	0	$	0	$	0	$	0	$	0	$	0	$	(48	)	$	(48	)	$	(48	)	$	572	$	524

(f) Securities with an aggregate market value of $572 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2022.

⁽¹⁾ Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference.

⁽²⁾ Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2022:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Liabilities
Over the counter
Swap Agreements	$	0	$	0	$	48	$	0	$	0	$	48

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2022:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Exchange Contracts		Interest Rate Contracts		Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Over the counter
Swap Agreements	$	0	$	0	$	(669	)	$	0	$	0	$	(669	)
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Over the counter
Swap Agreements	$	0	$	0	$	(36	)	$	0	$	0	$	(36	)

64 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2022 (Unaudited)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2022
Investments in Securities, at Value
Mutual Funds	$	253,670	$	0	$	0	$	253,670
Short-Term Instruments
Repurchase Agreements		0		1,357		0		1,357
U.S. Treasury Bills		0		572		0		572
	$	253,670	$	1,929	$	0	$	255,599
Investments in Affiliates, at Value
Mutual Funds		23,349		0		0		23,349
Short-Term Instruments
Central Funds Used for Cash Management Purposes		11,800		0		0		11,800
	$	35,149	$	0	$	0	$	35,149
Total Investments	$	288,819	$	1,929	$	0	$	290,748

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2022
Financial Derivative Instruments - Liabilities
Over the counter	$	0	$	(48	)	$	0	$	(48	)
Total Financial Derivative Instruments	$	0	$	(48	)	$	0	$	(48	)
Totals	$	288,819	$	1,881		$	0	$	290,700

There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2022 65

Schedule of Investments PIMCO REALPATH^® Blend 2055 Fund

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)

		SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 90.6%
MUTUAL FUNDS 89.3%
Vanguard Developed Markets Index Fund ‘Institutional’			4,778,894	$		64,659
Vanguard Emerging Markets Stock Index Fund ‘Institutional’			695,729			17,150
Vanguard Institutional Index Fund ‘Institutional’			280,578			90,242
Vanguard Small-Cap Index Fund ‘Institutional’			103,870			9,133
Total Mutual Funds (Cost $182,390)						181,184
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 1.3%
REPURCHASE AGREEMENTS (d) 1.0%
						2,052
U.S. TREASURY BILLS 0.3%
4.237% due 03/02/2023 - 03/23/2023 (a)(b)(f)	$		577			572
Total Short-Term Instruments (Cost $2,624)						2,624
Total Investments in Securities (Cost $185,014)						183,808

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 10.8%
MUTUAL FUNDS (c) 6.5%
PIMCO Emerging Markets Local Currency and Bond Fund	$		503,073	$		2,767
PIMCO Income Fund			177,770			1,840
PIMCO International Bond Fund (U.S. Dollar-Hedged)			88,483			823
PIMCO Long-Term Real Return Fund			475,955			2,099
PIMCO Long-Term U.S. Government Fund			841,713			3,140
PIMCO Real Return Fund			75,075			750
PIMCO Total Return Fund			217,076			1,836
Total Mutual Funds (Cost $15,737)						13,255

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 4.3%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.3%
PIMCO Short-Term Floating NAV Portfolio III	$		888,047	$		8,628
Total Short-Term Instruments (Cost $8,621)						8,628
Total Investments in Affiliates (Cost $24,358)						21,883
Total Investments 101.4% (Cost $209,372)				$		205,691
Financial Derivative Instruments (e) (0.0)% (Cost or Premiums, net $0)						(33	)
Other Assets and Liabilities, net (1.4)%						(2,744	)
Net Assets 100.0%				$		202,914

NOTES TO SCHEDULE OF INVESTMENTS:

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Coupon represents a weighted average yield to maturity.

(b) Zero coupon security.

(c) Institutional Class Shares of each Fund.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(d)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to  be Received(1)
FICC		1.900	%		12/30/2022		01/03/2023	$	2,052	U.S. Treasury Bills 0.000% due 06/29/2023	$	(2,093	)	$	2,052	$	2,052
Total Repurchase Agreements											$	(2,093	)	$	2,052	$	2,052

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:

Counterparty	Repurchase Agreement Proceeds to  be Received(1)		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure(2)
Global/Master Repurchase Agreement
FICC	$	2,052	$	0	$	0	$	2,052	$	(2,093	)	$	(41	)
Total Borrowings and Other Financing Transactions	$	2,052	$	0	$	0

⁽¹⁾ Includes accrued interest.

⁽²⁾ Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

66 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2022 (Unaudited)

(e)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON EQUITY INDICES

Counterparty	Pay/Receive(1)	Underlying Reference	# of Units		Financing Rate	Payment Frequency	Maturity Date	Notional Amount		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
															Asset		Liability
JPM	Receive	FNRETR Index		242	4.730% (1-Month USD-LIBOR plus a specified spread)	Monthly	02/22/2023	$	4,862	$	0	$	(20	)	$	0	$	(20	)
	Receive	FNRETR Index		105	4.710% (1-Month USD-LIBOR plus a specified spread)	Monthly	08/23/2023		2,109		0		(9	)		0		(9	)
	Receive	FNRETR Index		68		Monthly	10/18/2023		1,366		0		(4	)		0		(4	)
Total Swap Agreements										$	0	$	(33	)	$	0	$	(33	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2022:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts		Written Options		Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)		Net Exposure(2)
JPM	$	0	$	0	$	0	$	0	$	0	$	0	$	(33	)	$	(33	)	$	(33	)	$	572	$	539

(f) Securities with an aggregate market value of $572 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2022.

⁽¹⁾ Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference.

⁽²⁾ Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2022:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Liabilities
Over the counter
Swap Agreements	$	0	$	0	$	33	$	0	$	0	$	33

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2022:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Exchange Contracts		Interest Rate Contracts		Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Over the counter
Swap Agreements	$	0	$	0	$	(454	)	$	0	$	0	$	(454	)
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Over the counter
Swap Agreements	$	0	$	0	$	(25	)	$	0	$	0	$	(25	)

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2022 67

Schedule of Investments PIMCO REALPATH^® Blend 2055 Fund (Cont.) December 31, 2022 (Unaudited)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2022
Investments in Securities, at Value
Mutual Funds	$	181,184	$	0	$	0	$	181,184
Short-Term Instruments
Repurchase Agreements		0		2,052		0		2,052
U.S. Treasury Bills		0		572		0		572
	$	181,184	$	2,624	$	0	$	183,808
Investments in Affiliates, at Value
Mutual Funds		13,255		0		0		13,255
Short-Term Instruments
Central Funds Used for Cash Management Purposes		8,628		0		0		8,628
	$	21,883	$	0	$	0	$	21,883
Total Investments	$	203,067	$	2,624	$	0	$	205,691

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2022
Financial Derivative Instruments - Liabilities
Over the counter	$	0	$	(33	)	$	0	$	(33	)
Total Financial Derivative Instruments	$	0	$	(33	)	$	0	$	(33	)
Totals	$	203,067	$	2,591		$	0	$	205,658

There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

68 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO REALPATH^® Blend 2060 Fund December 31, 2022 (Unaudited)

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 88.9%
MUTUAL FUNDS 88.9%
Vanguard Developed Markets Index Fund ‘Admiral’		1,006,370	$		13,606
Vanguard Emerging Markets Stock Index Fund ‘Admiral’		111,222			3,605
Vanguard Institutional Index Fund ‘Institutional’		59,138			19,020
Vanguard Small-Cap Index Fund ‘Admiral’		21,840			1,921
Total Mutual Funds (Cost $40,338)					38,152
Total Investments in Securities (Cost $40,338)					38,152

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 10.2%
MUTUAL FUNDS (a) 6.4%
PIMCO Emerging Markets Local Currency and Bond Fund		105,473	$		580
PIMCO Income Fund		36,401			377
PIMCO International Bond Fund (U.S. Dollar-Hedged)		18,554			172
PIMCO Long-Term Real Return Fund		97,978			432
PIMCO Long-Term U.S. Government Fund		174,704			652
PIMCO Real Return Fund		16,581			166
PIMCO Total Return Fund		44,464			376
Total Mutual Funds (Cost $3,098)					2,755

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 3.8%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.8%
PIMCO Short-Term Floating NAV Portfolio III		167,080	$		1,623
Total Short-Term Instruments (Cost $1,623)					1,623
Total Investments in Affiliates (Cost $4,721)					4,378
Total Investments 99.1% (Cost $45,059)			$		42,530
Financial Derivative Instruments (b) (0.0)% (Cost or Premiums, net $0)					(7	)
Other Assets and Liabilities, net 0.9%					395
Net Assets 100.0%			$		42,918

NOTES TO SCHEDULE OF INVESTMENTS:

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Institutional Class Shares of each Fund.

(b)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON EQUITY INDICES

Counterparty	Pay/Receive(1)	Underlying Reference	# of Units		Financing Rate	Payment Frequency	Maturity Date	Notional Amount		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
															Asset		Liability
JPM	Receive	FNRETR Index		44	4.730% (1-Month USD-LIBOR plus a specified spread)	Monthly	02/22/2023	$	884	$	0	$	(4	)	$	0	$	(4	)
	Receive	FNRETR Index		19	4.710% (1-Month USD-LIBOR plus a specified spread)	Monthly	08/23/2023		382		0		(2	)		0		(2	)
	Receive	FNRETR Index		24		Monthly	10/18/2023		482		0		(1	)		0		(1	)
Total Swap Agreements										$	0	$	(7	)	$	0	$	(7	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2022:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts		Written Options		Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)		Net Exposure(2)
JPM	$	0	$	0	$	0	$	0	$	0	$	0	$	(7	)	$	(7	)	$	(7	)	$	0	$	(7	)
Total Over the Counter	$	0	$	0	$	0	$	0	$	0	$	0	$	(7	)	$	(7	)

⁽¹⁾ Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference.

⁽²⁾ Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2022 69

Schedule of Investments PIMCO REALPATH^® Blend 2060 Fund (Cont.) December 31, 2022 (Unaudited)

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2022:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Liabilities
Over the counter
Swap Agreements	$	0	$	0	$	7	$	0	$	0	$	7

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2022:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Exchange Contracts		Interest Rate Contracts		Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Over the counter
Swap Agreements	$	0	$	0	$	(93	)	$	0	$	0	$	(93	)
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Over the counter
Swap Agreements	$	0	$	0	$	(6	)	$	0	$	0	$	(6	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2022
Investments in Securities, at Value
Mutual Funds	$	38,152	$	0	$	0	$	38,152
	$	38,152	$	0	$	0	$	38,152
Investments in Affiliates, at Value
Mutual Funds		2,755		0		0		2,755
Short-Term Instruments
Central Funds Used for Cash Management Purposes		1,623		0		0		1,623
	$	4,378	$	0	$	0	$	4,378
Total Investments	$	42,530	$	0	$	0	$	42,530

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2022
Financial Derivative Instruments - Liabilities
Over the counter	$	0	$	(7	)	$	0	$	(7	)
Total Financial Derivative Instruments	$	0	$	(7	)	$	0	$	(7	)
Totals	$	42,530	$	(7	)	$	0	$	42,523

There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

70 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO REALPATH^® Blend 2065 Fund December 31, 2022 (Unaudited)

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 89.3%
MUTUAL FUNDS 89.3%
Vanguard Developed Markets Index Fund ‘Admiral’		70,793	$		957
Vanguard Emerging Markets Stock Index Fund ‘Admiral’		7,845			254
Vanguard Institutional Index Fund ‘Institutional’		4,142			1,332
Vanguard Small-Cap Index Fund ‘Admiral’		1,531			135
Total Mutual Funds (Cost $2,678)					2,678
Total Investments in Securities (Cost $2,678)					2,678

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 6.3%
MUTUAL FUNDS (a) 6.3%
PIMCO Emerging Markets Local Currency and Bond Fund		7,070	$		39
PIMCO Income Fund		2,490			26
PIMCO International Bond Fund (U.S. Dollar-Hedged)		1,286			12
PIMCO Long-Term Real Return Fund		6,874			30
PIMCO Long-Term U.S. Government Fund		12,208			46
PIMCO Real Return Fund		1,140			11
PIMCO Total Return Fund		3,046			26
Total Mutual Funds (Cost $190)					190
Total Investments in Affiliates (Cost $190)					190
Total Investments 95.6% (Cost $2,868)			$		2,868
Financial Derivative Instruments (b) 0.0% (Cost or Premiums, net $0)					0
Other Assets and Liabilities, net 4.4%					132
Net Assets 100.0%			$		3,000

NOTES TO SCHEDULE OF INVESTMENTS:

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Institutional Class Shares of each Fund.

(b)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON INDICES

Counterparty	Pay/Receive(1)	Underlying Reference	# of Units		Financing Rate	Payment Frequency	Maturity Date	Notional Amount		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)		Swap Agreements, at Value
														Asset		Liability
JPM	Receive	FNRETR Index		6	4.640% (1-Month USD-LIBOR plus a specified spread)	Monthly	10/18/2023	$	121	$	0	$	0	$	0	$	0
Total Swap Agreements										$	0	$	0	$	0	$	0

⁽¹⁾ Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference.

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2022
Investments in Securities, at Value
Mutual Funds	$	2,678	$	0	$	0	$	2,678
	$	2,678	$	0	$	0	$	2,678

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2022
Investments in Affiliates, at Value
Mutual Funds	$	190	$	0	$	0	$	190
Total Investments	$	2,868	$	0	$	0	$	2,868

There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2022 71

Schedule of Investments PIMCO REALPATH^® Blend Income Fund

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 41.8%
MUTUAL FUNDS 41.4%
Vanguard Developed Markets Index Fund ‘Institutional’		2,799,276	$		37,874
Vanguard Emerging Markets Stock Index Fund ‘Institutional’		501,970			12,374
Vanguard Institutional Index Fund ‘Institutional’		146,516			47,124
Vanguard Small-Cap Index Fund ‘Admiral’		28,374			2,495
Total Mutual Funds (Cost $91,363)					99,867
	PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 0.4%
REPURCHASE AGREEMENTS (d) 0.2%
					441
U.S. TREASURY BILLS 0.2%
4.235% due 03/02/2023 - 03/23/2023 (a)(b)(g)	$	597			592
Total Short-Term Instruments (Cost $1,033)					1,033
Total Investments in Securities (Cost $92,396)					100,900

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 57.3%
MUTUAL FUNDS (c) 55.0%
PIMCO Emerging Markets Local Currency and Bond Fund		2,339,322	$		12,866
PIMCO High Yield Fund		820,803			6,164
PIMCO Income Fund		3,707,075			38,368
PIMCO International Bond Fund (U.S. Dollar-Hedged)		779,486			7,249
PIMCO Long-Term Real Return Fund		2,960,970			13,058
PIMCO Long-Term U.S. Government Fund		3,563,999			13,294
PIMCO Real Return Fund		940,902			9,400
PIMCO Total Return Fund		3,808,533			32,220
Total Mutual Funds (Cost $159,468)					132,619

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 2.3%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.3%
PIMCO Short-Term Floating NAV Portfolio III		575,635	$		5,593
Total Short-Term Instruments (Cost $5,591)					5,593
Total Investments in Affiliates (Cost $165,059)					138,212
Total Investments 99.1% (Cost $257,455)			$		239,112
Financial Derivative Instruments (e)(f) 0.2% (Cost or Premiums, net $1,178)					561
Other Assets and Liabilities, net 0.7%					1,607
Net Assets 100.0%			$		241,280

NOTES TO SCHEDULE OF INVESTMENTS:

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Coupon represents a weighted average yield to maturity.

(b) Zero coupon security.

(c) Institutional Class Shares of each Fund.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(d)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to  be Received(1)
FICC		1.900	%		12/30/2022		01/03/2023	$	441	U.S. Treasury Bills 0.000% due 06/01/2023	$	(450	)	$	441	$	441
Total Repurchase Agreements											$	(450	)	$	441	$	441

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:

Counterparty	Repurchase Agreement Proceeds to  be Received(1)		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure(2)
Global/Master Repurchase Agreement
FICC	$	441	$	0	$	0	$	441	$	(450	)	$	(9	)
Total Borrowings and Other Financing Transactions	$	441	$	0	$	0

⁽¹⁾ Includes accrued interest.

⁽²⁾ Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

72 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2022 (Unaudited)

(e)  FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

PURCHASED OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Notional Amount		Cost		Market Value
Put - CBOE S&P 500		3,050.000		03/17/2023		13	$	1	$	111	$	11
Put - CBOE S&P 500		3,375.000		03/17/2023		26		3		326		74
Put - CBOE S&P 500		2,850.000		06/16/2023		42		4		472		101
Put - CBOE S&P 500		3,075.000		09/15/2023		36		4		437		248
Put - CBOE S&P 500		2,900.000		12/15/2023		11		1		91		77
Put - CBOE S&P 500		3,150.000		12/15/2023		28		3		335		296
Total Purchased Options									$	1,772	$	807

WRITTEN OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Notional Amount		Premiums (Received)			Market Value
Put - CBOE S&P 500		2,500.000		03/17/2023		26	$	3	$	(115	)	$	(7	)
Put - CBOE S&P 500		2,200.000		06/16/2023		42		4		(196	)		(32	)
Put - CBOE S&P 500		2,350.000		09/15/2023		36		4		(156	)		(69	)
Put - CBOE S&P 500		2,500.000		12/15/2023		28		3		(127	)		(103	)
Total Written Options									$	(594	)	$	(211	)

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2022:

	Financial Derivative Assets								Financial Derivative Liabilities
	Market Value		Variation Margin Asset				Total		Market Value		Variation Margin Liability				Total
	Purchased Options		Futures		Swap Agreements				Written Options		Futures		Swap Agreements
Total Exchange-Traded or Centrally Cleared	$	807	$	0	$	0	$	807	$	(211)	$	0	$	0	$	(211)

(f)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON EQUITY INDICES

Counterparty	Pay/Receive(1)	Underlying Reference	# of Units		Financing Rate	Payment Frequency	Maturity Date	Notional Amount		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
															Asset		Liability
JPM	Receive	FNRETR Index		248	4.730% (1-Month USD-LIBOR plus a specified spread)	Monthly	02/22/2023	$	4,982	$	0	$	(21	)	$	0	$	(21	)
	Receive	FNRETR Index		136	4.710% (1-Month USD-LIBOR plus a specified spread)	Monthly	08/23/2023		2,732		0		(12	)		0		(12	)
	Receive	FNRETR Index		52		Monthly	10/18/2023		1,045		0		(2	)		0		(2	)
Total Swap Agreements										$	0	$	(35	)	$	0	$	(35	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2022:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts		Written Options		Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)		Net Exposure(2)
JPM	$	0	$	0	$	0	$	0	$	0	$	0	$	(35	)	$	(35	)	$	(35	)	$	592	$	557
Total Over the Counter	$	0	$	0	$	0	$	0	$	0	$	0	$	(35	)	$	(35	)

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2022 73

Schedule of Investments PIMCO REALPATH^® Blend Income Fund (Cont.)

(g) Securities with an aggregate market value of $592 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2022.

⁽¹⁾ Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference.

⁽²⁾ Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2022:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0	$	807	$	0	$	0	$	807
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Written Options	$	0	$	0	$	211	$	0	$	0	$	211
Over the counter
Swap Agreements	$	0	$	0	$	35	$	0	$	0	$	35
	$	0	$	0	$	246	$	0	$	0	$	246

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2022:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Exchange Contracts		Interest Rate Contracts		Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0	$	(864	)	$	0	$	0	$	(864	)
Written Options		0		0		202			0		0		202
	$	0	$	0	$	(662	)	$	0	$	0	$	(662	)
Over the counter
Swap Agreements	$	0	$	0	$	(475	)	$	0	$	0	$	(475	)
	$	0	$	0	$	(1,137	)	$	0	$	0	$	(1,137	)
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0	$	(874	)	$	0	$	0	$	(874	)
Written Options		0		0		248			0		0		248
	$	0	$	0	$	(626	)	$	0	$	0	$	(626	)
Over the counter
Swap Agreements	$	0	$	0	$	(25	)	$	0	$	0	$	(25	)
	$	0	$	0	$	(651	)	$	0	$	0	$	(651	)

74 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2022 (Unaudited)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2022
Investments in Securities, at Value
Mutual Funds	$	99,867	$	0	$	0	$	99,867
Short-Term Instruments
Repurchase Agreements		0		441		0		441
U.S. Treasury Bills		0		592		0		592
	$	99,867	$	1,033	$	0	$	100,900
Investments in Affiliates, at Value
Mutual Funds		132,619		0		0		132,619
Short-Term Instruments
Central Funds Used for Cash Management Purposes		5,593		0		0		5,593
	$	138,212	$	0	$	0	$	138,212
Total Investments	$	238,079	$	1,033	$	0	$	239,112

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2022
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	807		$	0	$	807
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		0		(211	)		0		(211	)
Over the counter		0		(35	)		0		(35	)
	$	0	$	(246	)	$	0	$	(246	)
Total Financial Derivative Instruments	$	0	$	561		$	0	$	561
Totals	$	238,079	$	1,594		$	0	$	239,673

There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2022 75

Notes to Financial Statements

1. ORGANIZATION

PIMCO Equity Series (the “Trust”) was established as a Delaware statutory trust on March 30, 2010. The Trust is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. Information presented in these financial statements pertains to the Institutional Class, Administrative Class, and Class A shares of the funds (each a “Fund” and collectively the “Funds”) indicated on the cover of this report. Pacific Investment Management Company LLC (“PIMCO”) serves as the investment adviser (the “Adviser”) for the Funds. Each Fund may invest substantially all of its assets in Institutional Class or Class M shares of any funds of the Trust and PIMCO Funds, and in other affiliated funds, including funds of PIMCO ETF Trust, except funds of funds and PIMCO California Municipal Intermediate Value Fund, PIMCO California Municipal Opportunistic Value Fund, PIMCO National Municipal Intermediate Value Fund and PIMCO National Municipal Opportunistic Value Fund (“Underlying PIMCO Funds”), and unaffiliated funds that are registered under the Act (collectively, “Acquired Funds”).

Hereinafter, the Board of Trustees of the Funds shall be collectively referred to as the “Board.”

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Each Fund is treated as an investment company under the reporting requirements of U.S. GAAP. The functional and reporting currency for the Funds is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as a Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from

settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statements of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statements of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statements of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

(b) Multi-Class Operations  Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains (losses) are allocated daily based on the relative net assets of each class of the respective Fund. Class specific expenses, where applicable, currently include supervisory and administrative and distribution and servicing fees. Under certain circumstances, the per share net asset value (“NAV”) of a class of the respective Fund’s shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(c) Distributions to Shareholders  The following table shows the anticipated frequency of distributions from net investment income, if any, for each Fund.

	Distribution Frequency
Fund Name	Declared		Distributed
PIMCO REALPATH® Blend 2025 Fund		Quarterly		Quarterly
PIMCO REALPATH® Blend 2030 Fund		Quarterly		Quarterly
PIMCO REALPATH® Blend 2035 Fund		Quarterly		Quarterly
PIMCO REALPATH® Blend 2040 Fund		Quarterly		Quarterly
PIMCO REALPATH® Blend 2045 Fund		Quarterly		Quarterly
PIMCO REALPATH® Blend 2050 Fund		Quarterly		Quarterly
PIMCO REALPATH® Blend 2055 Fund		Quarterly		Quarterly
PIMCO REALPATH® Blend 2060 Fund		Quarterly		Quarterly
PIMCO REALPATH® Blend 2065 Fund		Quarterly		Quarterly
PIMCO REALPATH® Blend Income Fund		Quarterly		Quarterly

In addition, each Fund distributes any net capital gains it earns from the sale of portfolio securities to shareholders no less frequently than annually. Net short-term capital gains may be paid more frequently. A

76 PIMCO EQUITY SERIES

December 31, 2022 (Unaudited)

Fund may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on each Fund’s annual financial statements presented under U.S. GAAP.

Separately, if a Fund determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable), and accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, a Fund determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between a Fund’s daily internal accounting records and practices, a Fund’s financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, a Fund’s internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for certain Funds, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that a Fund may not issue a Section 19 Notice in situations where the Fund’s financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution’s tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at a Fund’s fiscal year end, if any, are reflected on the Statements of Changes in Net

Assets and have been recorded to paid in capital on the Statements of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statements of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(d) New Accounting Pronouncements and Regulatory Updates  In March 2020, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”), ASU 2020-04, which provides optional guidance to ease the potential accounting burden associated with transitioning away from the London Interbank Offered Rate and other reference rates that are expected to be discontinued. ASU 2020-04 is effective for certain reference rate-related contract modifications that occurred during the period March 12, 2020 through December 31, 2022. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. In December 2022, FASB issued ASU 2022-06, which includes amendments to extend the duration of the LIBOR transition relief to December 31, 2024, after which entities will no longer be permitted to apply the reference rate reform relief. Management is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Funds’ investments and has determined that it is unlikely the ASU’s adoption will have a material impact on the Funds’ financial statements.

In October 2020, the U.S. Securities and Exchange Commission (“SEC”) adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, the rule requires funds that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. The effective date for the rule was February 19, 2021. The compliance date for the new rule and the related reporting requirements was August 19, 2022. Management has implemented changes in connection with the rule and has determined that there is no material impact to the Funds’ financial statements.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines “readily available market quotations” for purposes of the definition of “value” under the Act, and the SEC noted that this definition would apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022. Management

SEMIANNUAL REPORT | DECEMBER 31, 2022 77

Notes to Financial Statements (Cont.)

has implemented changes in connection with the rule and has determined that there is no material impact to the Funds’ financial statements.

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820), which affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The effective date for the amendments in ASU 2022-03 is for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. At this time, management is evaluating the implications of these changes on the financial statements.

In October 2022, the SEC adopted changes to the mutual fund and ETF shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will change the disclosures provided to shareholders. The rule is effective as of January 24, 2023, but the SEC is providing an 18-month compliance period after the effective date other than for rule amendments addressing fee and expense information in advertisements that might be materially misleading. At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies  The NAV of the Funds’ shares, or each of their respective share classes, as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Fund or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange (“NYSE”) is open, the Funds’ shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) (“NYSE Close”). Information that becomes known to the Funds or their agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, each Fund may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. Each Fund generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, each Fund may calculate its NAV as of the NYSE Close for such day or such other time that each Fund may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Funds will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange, or the NYSE Close, if the NYSE Close occurs before the end of trading on the foreign exchange.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee (“Valuation Designee”) for each Fund to perform the fair value determination relating to all Fund investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee’s policies and procedures govern the Valuation Designee’s selection and application of methodologies for determining and calculating the fair value of Fund investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, “Pricing Sources”).

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives, and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date.

78 PIMCO EQUITY SERIES

December 31, 2022 (Unaudited)

Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of a Fund’s assets that are invested in one or more open-end management investment companies (other than ETFs), a Fund’s NAV will be calculated based on the NAVs of such investments. Open-end management investment companies may include affiliated funds.

If a foreign (non-U.S.) equity security’s value has materially changed after the close of the security’s primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, a Fund may determine the fair value of investments based on information provided by Pricing Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. A Fund may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument (“zero trigger”) between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in a Fund’s portfolio investments being affected when shareholders are unable to buy or sell shares.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments and, in turn, the NAV of a Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Trust is not open for business. As a result, to the extent that a Fund holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in each Fund’s next calculated NAV.

Fair valuation may require subjective determinations about the value of a security. While the Trust’s and Valuation Designee’s policies and procedures are intended to result in a calculation of a Fund’s NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that a Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a Fund may differ from the value that would be realized if the securities were sold. The Funds’ use of fair valuation may also help to deter “stale price arbitrage” as discussed under the “Abusive Trading Practices” section in each Fund’s prospectus.

Under certain circumstances, the per share NAV of a class of each Fund’s shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(b) Fair Value Hierarchy  U.S. GAAP describes fair value as the price that a Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2, or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2, and 3 of the fair value hierarchy are defined as follows:

^∎  Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

^∎  Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

^∎  Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for each respective Fund.

SEMIANNUAL REPORT | DECEMBER 31, 2022 79

Notes to Financial Statements (Cont.)

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between Levels of a Fund’s assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy, and if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for each respective Fund.

(c) Valuation Techniques and the Fair Value Hierarchy Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value  The valuation methods (or “techniques”) and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and

options contracts derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indices, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, LIBOR forward rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

Short-term debt instruments (such as commercial paper) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

Each Fund may invest substantially all or a significant portion of its assets in Underlying PIMCO Funds and Acquired Funds. The Underlying PIMCO Funds are considered to be affiliated with the Funds. Each Fund may also invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III (“Central Funds”) to the extent permitted by the Act and rules thereunder. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and

80 PIMCO EQUITY SERIES

December 31, 2022 (Unaudited)

Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Funds. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC’s website at www.sec.gov. A copy of each Acquired Fund’s shareholder report is also available at the SEC’s website at www.sec.gov, and a copy of each affiliate fund’s shareholder report is available on the Funds’ website at www.pimco.com, or upon request, as applicable. The tables below show the Funds’ transactions in and earnings from investments in the affiliated Funds for the period ended December 31, 2022 (amounts in thousands^†):

PIMCO REALPATH® Blend 2025 Fund
Underlying PIMCO Funds	Market Value 06/30/2022		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2022		Dividend Income(1)		Realized Net Capital  Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	11,974	$	3,226	$	(1,164	)	$	(177	)	$	830		$	14,689	$	291	$	0
PIMCO High Yield Fund		5,381		1,615		(193	)		(34	)		(58	)		6,711		184		86
PIMCO Income Fund		29,051		11,717		(1,703	)		(227	)		(579	)		38,259		1,238		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		5,250		2,210		(176	)		(21	)		(259	)		7,004		76		104
PIMCO Long-Term Real Return Fund		13,527		5,060		(436	)		(181	)		(1,921	)		16,049		1,076		0
PIMCO Long-Term U.S. Government Fund		16,688		5,560		(1,970	)		(447	)		(1,587	)		18,244		228		0
PIMCO Real Return Fund		7,170		2,793		0			0			(545	)		9,418		321		0
PIMCO Short-Term Floating NAV Portfolio III		5,644		43,520		(40,300	)		4			5			8,873		119		0
PIMCO Total Return Fund		23,699		10,526		(1,184	)		(212	)		(1,340	)		31,489		783		0
Totals	$	118,384	$	86,227	$	(47,126	)	$	(1,295	)	$	(5,454	)	$	150,736	$	4,316	$	190
PIMCO REALPATH® Blend 2030 Fund
Underlying PIMCO Funds	Market Value 06/30/2022		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2022		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	12,034	$	3,162	$	(254	)	$	(39	)	$	521		$	15,424	$	303	$	0
PIMCO High Yield Fund		4,820		1,581		0			0			(78	)		6,323		169		81
PIMCO Income Fund		20,991		8,571		(1,016	)		(113	)		(494	)		27,939		927		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		3,514		1,608		(192	)		(21	)		(171	)		4,738		52		73
PIMCO Long-Term Real Return Fund		13,618		6,533		0			0			(2,191	)		17,960		1,116		0
PIMCO Long-Term U.S. Government Fund		19,664		7,790		(877	)		7			(2,039	)		24,545		277		0
PIMCO Real Return Fund		5,322		2,140		0			0			(422	)		7,040		244		0
PIMCO Short-Term Floating NAV Portfolio III		7,912		43,060		(40,400	)		2			9			10,583		161		0
PIMCO Total Return Fund		16,201		7,186		(719	)		(144	)		(946	)		21,578		556		0
Totals	$	104,076	$	81,631	$	(43,458	)	$	(308	)	$	(5,811	)	$	136,130	$	3,805	$	154
PIMCO REALPATH® Blend 2035 Fund
Underlying PIMCO Funds	Market Value 06/30/2022		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2022		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	9,580	$	4,106	$	(974	)	$	(151	)	$	750		$	13,311	$	251	$	0
PIMCO High Yield Fund		3,092		1,424		0			0			(66	)		4,450		112		55
PIMCO Income Fund		13,006		7,196		(987	)		(91	)		(308	)		18,816		606		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		2,105		1,059		0			0			(124	)		3,040		32		47
PIMCO Long-Term Real Return Fund		8,614		5,920		(320	)		(116	)		(1,332	)		12,766		743		0
PIMCO Long-Term U.S. Government Fund		13,213		7,794		(296	)		(59	)		(1,680	)		18,972		194		0
PIMCO Real Return Fund		3,574		1,725		0			0			(294	)		5,005		170		0
PIMCO Short-Term Floating NAV Portfolio III		9,094		58,874		(53,000	)		(6	)		15			14,977		174		0
PIMCO Total Return Fund		10,005		5,593		(550	)		(87	)		(620	)		14,341		365		0
Totals	$	72,283	$	93,691	$	(56,127	)	$	(510	)	$	(3,659	)	$	105,678	$	2,647	$	102

SEMIANNUAL REPORT | DECEMBER 31, 2022 81

Notes to Financial Statements (Cont.)

PIMCO REALPATH® Blend 2040 Fund
Underlying PIMCO Funds	Market Value 06/30/2022		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2022		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	8,184	$	2,616	$	(308	)	$	(49	)	$	531		$	10,974	$	207	$	0
PIMCO High Yield Fund		1,414		951		0			0			(26	)		2,339		51		25
PIMCO Income Fund		8,323		4,191		(394	)		(26	)		(225	)		11,869		374		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		1,474		632		0			0			(77	)		2,029		21		30
PIMCO Long-Term Real Return Fund		6,160		3,416		(161	)		(82	)		(903	)		8,430		514		0
PIMCO Long-Term U.S. Government Fund		9,423		4,430		(130	)		(41	)		(1,156	)		12,526		134		0
PIMCO Real Return Fund		2,653		1,113		0			0			(203	)		3,563		121		0
PIMCO Short-Term Floating NAV Portfolio III		9,930		47,570		(44,500	)		4			6			13,010		169		0
PIMCO Total Return Fund		6,858		3,307		(188	)		(36	)		(430	)		9,511		240		0
Totals	$	54,419	$	68,226	$	(45,681	)	$	(230	)	$	(2,483	)	$	74,251	$	1,831	$	55
PIMCO REALPATH® Blend 2045 Fund
Underlying PIMCO Funds	Market Value 06/30/2022		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2022		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	5,343	$	2,094	$	(213	)	$	(50	)	$	358		$	7,532	$	135	$	0
PIMCO High Yield Fund		272		285		0			0			(3	)		554		9		4
PIMCO Income Fund		4,420		2,073		(201	)		(13	)		(113	)		6,166		191		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		1,007		368		0			0			(52	)		1,323		15		20
PIMCO Long-Term Real Return Fund		4,001		2,311		0			0			(662	)		5,650		336		0
PIMCO Long-Term U.S. Government Fund		6,351		3,143		(319	)		(55	)		(725	)		8,395		88		0
PIMCO Real Return Fund		1,587		616		0			0			(119	)		2,084		73		0
PIMCO Short-Term Floating NAV Portfolio III		9,168		39,061		(35,700	)		1			11			12,541		161		0
PIMCO Total Return Fund		4,085		2,068		(284	)		(29	)		(243	)		5,597		141		0
Totals	$	36,234	$	52,019	$	(36,717	)	$	(146	)	$	(1,548	)	$	49,842	$	1,149	$	24
PIMCO REALPATH® Blend 2050 Fund
Underlying PIMCO Funds	Market Value 06/30/2022		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2022		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	3,620	$	936	$	(136	)	$	(26	)	$	220		$	4,614	$	89	$	0
PIMCO Income Fund		2,573		969		0			0			(80	)		3,462		114		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		920		215		0			0			(50	)		1,085		13		20
PIMCO Long-Term Real Return Fund		2,820		1,406		0			0			(454	)		3,772		229		0
PIMCO Long-Term U.S. Government Fund		4,488		1,941		(288	)		(44	)		(489	)		5,608		60		0
PIMCO Real Return Fund		1,062		372		0			0			(78	)		1,356		48		0
PIMCO Short-Term Floating NAV Portfolio III		6,832		31,757		(26,800	)		0			11			11,800		156		0
PIMCO Total Return Fund		2,705		1,089		(173	)		(10	)		(159	)		3,452		88		0
Totals	$	25,020	$	38,685	$	(27,397	)	$	(80	)	$	(1,079	)	$	35,149	$	797	$	20

82 PIMCO EQUITY SERIES

December 31, 2022 (Unaudited)

PIMCO REALPATH® Blend 2055 Fund
Underlying PIMCO Funds	Market Value 06/30/2022		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2022		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	2,056	$	700	$	(102	)	$	(22	)	$	135		$	2,767	$	52	$	0
PIMCO Income Fund		1,384		501		0			0			(45	)		1,840		63		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		592		267		0			0			(36	)		823		9		12
PIMCO Long-Term Real Return Fund		1,611		751		0			0			(263	)		2,099		134		0
PIMCO Long-Term U.S. Government Fund		2,565		1,019		(136	)		(35	)		(273	)		3,140		35		0
PIMCO Real Return Fund		576		222		0			0			(48	)		750		27		0
PIMCO Short-Term Floating NAV Portfolio III		6,009		22,711		(20,100	)		0			8			8,628		112		0
PIMCO Total Return Fund		1,433		501		0			0			(98	)		1,836		49		0
Totals	$	16,226	$	26,672	$	(20,338	)	$	(57	)	$	(620	)	$	21,883	$	481	$	12
PIMCO REALPATH® Blend 2060 Fund
Underlying PIMCO Funds	Market Value 06/30/2022		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2022		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	312	$	244	$	0		$	0		$	24		$	580	$	10	$	0
PIMCO Income Fund		210		175		0			0			(8	)		377		12		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		91		88		0			0			(7	)		172		2		3
PIMCO Long-Term Real Return Fund		237		245		0			0			(50	)		432		24		0
PIMCO Long-Term U.S. Government Fund		370		358		(15	)		(4	)		(57	)		652		6		0
PIMCO Real Return Fund		91		84		0			0			(9	)		166		5		0
PIMCO Short-Term Floating NAV Portfolio III		902		7,419		(6,700	)		1			1			1,623		20		0
PIMCO Total Return Fund		212		182		0			0			(18	)		376		10		0
Totals	$	2,425	$	8,795	$	(6,715	)	$	(3	)	$	(124	)	$	4,378	$	89	$	3
PIMCO REALPATH® Blend 2065 Fund
Underlying PIMCO Funds	Market Value 06/30/2022		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2022		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	0	$	39	$	0		$	0		$	0		$	39	$	0	$	0
PIMCO Income Fund		0		26		0			0			0			26		0		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		0		12		0			0			0			12		0		0
PIMCO Long-Term Real Return Fund		0		30		0			0			0			30		0		0
PIMCO Long-Term U.S. Government Fund		0		46		0			0			0			46		0		0
PIMCO Real Return Fund		0		11		0			0			0			11		0		0
PIMCO Total Return Fund		0		26		0			0			0			26		0		0
Totals	$	0	$	190	$	0		$	0		$	0		$	190	$	0	$	0

SEMIANNUAL REPORT | DECEMBER 31, 2022 83

Notes to Financial Statements (Cont.)

PIMCO REALPATH® Blend Income Fund
Underlying PIMCO Funds	Market Value 06/30/2022		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2022		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	11,863	$	2,278	$	(1,873	)	$	(225	)	$	823		$	12,866	$	278	$	0
PIMCO High Yield Fund		5,613		965		(338	)		(50	)		(26	)		6,164		183		83
PIMCO Income Fund		35,725		7,821		(4,242	)		(321	)		(615	)		38,368		1,443		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		6,681		1,409		(504	)		(54	)		(283	)		7,249		93		123
PIMCO Long-Term Real Return Fund		12,072		3,871		(1,145	)		(553	)		(1,187	)		13,058		905		0
PIMCO Long-Term U.S. Government Fund		12,614		3,244		(1,075	)		(406	)		(1,083	)		13,294		166		0
PIMCO Real Return Fund		8,748		1,914		(631	)		(42	)		(589	)		9,400		375		0
PIMCO Short-Term Floating NAV Portfolio III		3,303		48,387		(46,100	)		2			1			5,593		87		0
PIMCO Total Return Fund		30,158		7,108		(3,145	)		(378	)		(1,523	)		32,220		931		0
Totals	$	126,777	$	76,997	$	(59,053	)	$	(2,027	)	$	(4,482	)	$	138,212	$	4,461	$	206

^†  A zero balance may reflect actual amounts rounding to less than one thousand.

⁽¹⁾  The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund, unless otherwise advised on IRS Form 1099-DIV. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

(b) Investments in Securities

The Funds (and where applicable, certain Acquired Funds and Underlying PIMCO Funds) may utilize the investments and strategies described below to the extent permitted by each Fund’s respective investment policies.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises  are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the “U.S. Treasury”); and others, such as those of the Federal National Mortgage Association (“FNMA” or “Fannie Mae”), are supported by the discretionary authority of the U.S. Government to purchase the agency’s obligations. U.S. Government securities may include zero coupon securities which do not distribute interest on a current basis and tend to be subject to a greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the

full faith and credit of the U.S. Government. FHLMC issues Participation Certificates (“PCs”), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Funds (and where applicable, certain Acquired Funds and Underlying PIMCO Funds) may enter into the borrowings and other financing transactions described below to the extent permitted by each Fund’s respective investment policies.

The following disclosures contain information on a Fund’s ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by a Fund. The location of these instruments in each Fund’s financial statements is described below.

(a) Repurchase Agreements  Under the terms of a typical repurchase agreement, a Fund purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and a Fund to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Fund or counterparty at any time. The underlying securities for all repurchase agreements are held by a Fund’s custodian or designated subcustodians under tri-party repurchase agreements and in certain instances will remain in custody with the counterparty. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements,

84 PIMCO EQUITY SERIES

December 31, 2022 (Unaudited)

if any, including accrued interest, are included on the Statements of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statements of Operations. In periods of increased demand for collateral, a Fund may pay a fee for the receipt of collateral, which may result in interest expense to the Fund.

(b) Interfund Lending  In accordance with an exemptive order (the “Order”) from the SEC, the Funds of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund’s investment policies and restrictions. The Funds are currently permitted to borrow under the Interfund Lending Program. A lending fund may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing fund may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the fund’s investment restrictions). If a borrowing fund’s total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended December 31, 2022, the Funds did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Funds (and where applicable, certain Acquired Funds and Underlying PIMCO Funds) may enter into the financial derivative instruments described below to the extent permitted by each Fund’s respective investment policies.

The following disclosures contain information on how and why the Funds use financial derivative instruments, and how financial derivative instruments affect the Funds’ financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statements of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statements of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedules of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized

appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedules of Investments, serve as indicators of the volume of financial derivative activity for the Funds.

(a) Options Contracts  may be written or purchased to enhance returns or to hedge an existing position or future investment. A Fund may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase a Fund’s exposure to the underlying instrument. Writing call options tends to decrease a Fund’s exposure to the underlying instrument. When a Fund writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Statements of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. A Fund as a writer of an option has no control over whether the underlying instrument may be sold (“call”) or purchased (“put”) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk a Fund may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase a Fund’s exposure to the underlying instrument. Purchasing put options tends to decrease a Fund’s exposure to the underlying instrument. A Fund pays a premium which is included as an asset on the Statements of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Options on Indices  (“Index Option”) use a specified index as the underlying instrument for the option contract. The exercise for an Index Option will not include physical delivery of the underlying index but will result in a cash transfer of the amount of the difference between the settlement price of the underlying index and the strike price.

SEMIANNUAL REPORT | DECEMBER 31, 2022 85

Notes to Financial Statements (Cont.)

(b) Swap Agreements  are bilaterally negotiated agreements between a Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market (“OTC swaps”) or may be cleared through a third party, known as a central counterparty or derivatives clearing organization (“Centrally Cleared Swaps”). A Fund may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statements of Operations. Daily changes in valuation of centrally cleared swaps (“Swap Variation Margin”), if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statements of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statements of Operations. Net periodic payments received or paid by a Fund are included as part of realized gain (loss) on the Statements of Operations.

For purposes of applying certain of a Fund’s investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by a Fund at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of a Fund’s investment policies and restrictions, the Funds will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of a Fund’s other investment policies and restrictions.

For example, a Fund may value credit default swaps at full exposure value for purposes of a Fund’s credit quality guidelines (if any) because such value in general better reflects a Fund’s actual economic exposure during the term of the credit default swap agreement. As a result, a Fund may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in a Fund’s prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether a Fund is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by a Fund for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates or the values of the asset upon which the swap is based.

A Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive. The risk may be mitigated by having a master netting arrangement between a Fund and the counterparty and by the posting of collateral to a Fund to cover a Fund’s exposure to the counterparty.

To the extent a Fund has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap agreements, such limitation only applies to counterparties to OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

Total Return Swap Agreements  are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities, or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference

86 PIMCO EQUITY SERIES

December 31, 2022 (Unaudited)

asset less a financing rate, if any. As a receiver, a Fund would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, a

Fund would owe payments on any net positive total return, and would receive payments in the event of a net negative total return.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in a Fund, which could adversely affect its net asset value, yield and total return, are listed below.

Risks

PIMCO REALPATH® Blend 2025 Fund

PIMCO REALPATH® Blend 2030 Fund

PIMCO REALPATH® Blend 2035 Fund

PIMCO REALPATH® Blend 2040 Fund

PIMCO REALPATH® Blend 2045 Fund

PIMCO REALPATH® Blend 2050 Fund

PIMCO REALPATH® Blend 2055 Fund

PIMCO REALPATH® Blend 2060 Fund

PIMCO REALPATH® Blend 2065 Fund

PIMCO REALPATH® Blend Income Fund

Allocation

X

X

X

X

X

X

X

X

X

X

Acquired Fund

X

X

X

X

X

X

X

X

X

X

Small Fund

—

—

—

—

—

—

—

X

—

—

Equity

X

X

X

X

X

X

X

X

X

X

Value Investing

X

X

X

X

X

X

X

X

X

X

Interest Rate

X

X

X

X

X

X

X

X

X

X

Call

X

X

X

X

X

X

X

X

X

X

Credit

X

X

X

X

X

X

X

X

X

X

High Yield and Distressed Company

X

X

X

X

X

X

X

X

X

X

Market

X

X

X

X

X

X

X

X

X

X

Issuer

X

X

X

X

X

X

X

X

X

X

Liquidity

X

X

X

X

X

X

X

X

X

X

Derivatives

X

X

X

X

X

X

X

X

X

X

Commodity

X

X

X

X

X

X

X

X

X

X

Mortgage-Related and Other Asset Backed Securities

X

X

X

X

X

X

X

X

X

X

Foreign (Non-U.S.) Investment

X

X

X

X

X

X

X

X

X

X

Real Estate

X

X

X

X

X

X

X

X

X

X

Emerging Markets

X

X

X

X

X

X

X

X

X

X

Sovereign Debt

X

X

X

X

X

X

X

X

X

X

Currency

X

X

X

X

X

X

X

X

X

X

Leveraging

X

X

X

X

X

X

X

X

X

X

Small-Cap and Mid-Cap Company

X

X

X

X

X

X

X

X

X

X

Management

X

X

X

X

X

X

X

X

X

X

Short Exposure

X

X

X

X

X

X

X

X

X

X

Tax

X

X

X

X

X

X

X

X

X

X

Subsidiary

X

X

X

X

X

X

X

X

X

X

Convertible Securities

X

X

X

X

X

X

X

X

X

X

Exchange-Traded Fund

X

X

X

X

X

X

X

X

X

X

LIBOR Transition

X

X

X

X

X

X

X

X

X

X

A Fund is generally subject to a different level and amount of risk relative to its target date and time horizon. The principal risks of investing in a Fund include risks from direct investments and/or for certain Funds that invest in Acquired Funds or Underlying PIMCO Funds, indirect exposure through investment in such Acquired Funds or Underlying PIMCO Funds. Please see “Description of Principal Risks” in a Fund’s prospectus for a more detailed description of the risks of investing in a Fund.

The following risks are principal risks of investing in a Fund.

Allocation Risk  is the risk that a Fund could lose money as a result of less than optimal or poor asset allocation decisions. A Fund could miss attractive investment opportunities by underweighting markets that subsequently experience significant returns and could lose value by overweighting markets that subsequently experience significant declines.

Acquired Fund Risk  is the risk that a Fund’s performance is closely related to the risks associated with the securities and other investments held by the Acquired Funds and that the ability of a Fund to achieve its investment objective will depend upon the ability of the Acquired Funds

SEMIANNUAL REPORT | DECEMBER 31, 2022 87

Notes to Financial Statements (Cont.)

to achieve their investment objectives. In addition, a Fund’s performance will be reduced by the Fund’s proportionate amount of the expenses of any Acquired Funds in which it invests.

The following risks are principal risks of investing in a Fund that include risks from direct investments and/or indirect exposure through investment in Acquired Funds.

Small Fund Risk  is the risk that a smaller Fund may not achieve investment or trading efficiencies. Additionally, a smaller Fund may be more adversely affected by large purchases or redemptions of Fund shares.

Equity Risk  is the risk that the value of equity securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity securities generally have greater price volatility than fixed income securities.

Value Investing Risk  is the risk that a value stock may decrease in price or may not increase in price as anticipated by PIMCO if it continues to be undervalued by the market or the factors that the portfolio manager believes will cause the stock price to increase do not occur.

Interest Rate Risk  is the risk that fixed income securities will decline in value because of an increase in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration.

Call Risk  is the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons (e.g., declining interest rates, changes in credit spreads and improvements in the issuer’s credit quality). If an issuer calls a security that a Fund has invested in, a Fund may not recoup the full amount of its initial investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features.

Credit Risk  is the risk that a Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.

High Yield and Distressed Company Risk  is the risk that high yield securities and unrated securities of similar credit quality (commonly known as “junk bonds”) and securities of distressed companies may be subject to greater levels of credit, issuer and liquidity risks. Securities of

distressed companies include both debt and equity securities. High yield securities and debt securities of distressed companies are considered primarily speculative with respect to the issuer’s continuing ability to make principal and interest payments. Distressed companies may be engaged in restructurings or bankruptcy proceedings.

Market Risk  is the risk that the value of securities owned by a Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries.

Issuer Risk  is the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services.

Liquidity Risk  is the risk that a particular investment may be difficult to purchase or sell and that a Fund may be unable to sell illiquid investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity.

Derivatives Risk  is the risk of investing in derivative instruments (such as forwards, futures, swaps and structured securities) and other similar instruments, including leverage, liquidity, interest rate, market, counterparty (including credit),operational, legal and management risks, and valuation complexity. Changes in the value of a derivative and other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a Fund could lose more than the initial amount invested. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for the Fund. A Fund’s use of derivatives or other similar investments may result in losses to the Fund, a reduction in a Fund’s returns and/or increased volatility. Over-the-counter (“OTC”) derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange- traded or traded through a central clearing counterparty resides with a Fund’s clearing broker or the clearinghouse. Changes in regulation relating to a mutual fund’s use of derivatives and related instruments could potentially limit or impact a Fund’s ability to invest in derivatives, limit a Fund’s ability to

88 PIMCO EQUITY SERIES

December 31, 2022 (Unaudited)

employ certain strategies that use derivatives and/or adversely affect the value of derivatives and a Fund’s performance.

Commodity Risk  is the risk that investing in commodity-linked derivative instruments may subject a Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, public health emergencies, embargoes, tariffs and international economic, political and regulatory developments.

Mortgage-Related and Other Asset-Backed Securities Risk  is the risks of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk.

Foreign (Non-U.S.) Investment Risk  is the risk that investing in foreign (non-U.S.) securities may result in a Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes, diplomatic developments or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

Real Estate Risk  is the risk that a Fund’s investments in Real Estate Investment Trusts (“REITs”) or real estate-linked derivative instruments will subject a Fund to risks similar to those associated with direct ownership of real estate, including losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes and operating expenses. A Fund’s investments in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition, privately traded REITs subject a Fund to liquidity and valuation risk.

Emerging Markets Risk  is the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk.

Sovereign Debt Risk  is the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit event resulting from an issuer’s inability or unwillingness to make principal or interest payments in a timely fashion.

Currency Risk  is the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect a Fund’s investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign

(non-U.S.) currencies.

Leveraging Risk  is the risk that certain transactions of a Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing a Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss.

Small-Cap and Mid-Cap Company Risk  is the risk that the value of securities issued by small-capitalization and mid-capitalization companies may go up or down, sometimes rapidly and unpredictably, due to narrow markets and limited managerial and financial resources.

Management Risk  is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio managers in connection with managing a Fund and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of a Fund will be achieved.

Short Exposure Risk  is the risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to a Fund.

Tax Risk  is the risk that the tax treatment of swap agreements and other derivative instruments, such as commodity-linked derivative instruments, including commodity index-linked notes, swap agreements, commodity options, futures, and options on futures, may be affected by future regulatory or legislative changes that could affect whether income from such investments is “qualifying income” under Subchapter M of the Internal Revenue Code, or otherwise affect the character, timing and/or amount of a Fund’s taxable income or gains and distributions.

Subsidiary Risk  is the risk that, by investing in certain Underlying PIMCO Funds that invest in a subsidiary (each a “Subsidiary”), a Fund is indirectly exposed to the risks associated with a Subsidiary’s investments. The Subsidiaries are not registered under the Act and may not be subject to all the investor protections of the Act. There is no guarantee that the investment objective of a Subsidiary will be achieved.

SEMIANNUAL REPORT | DECEMBER 31, 2022 89

Notes to Financial Statements (Cont.)

Convertible Securities Risk  is the risk that arises when convertible securities share both fixed income and equity characteristics.

Convertible securities are subject to risks to which fixed income and equity investments are subject. These risks include equity risk, interest rate risk and credit risk.

Exchange-Traded Fund Risk  is the risk that an exchange-traded fund may not track the performance of the index it is designed to track, among other reasons, because of exchange rules, market prices of shares of an exchange-traded fund may fluctuate rapidly and materially, or shares of an exchange-traded fund may trade significantly above or below net asset value, any of which may cause losses to a Fund invested in the exchange-traded fund.

LIBOR Transition Risk  is the risk related to the anticipated discontinuation of the London Interbank Offered Rate (“LIBOR”). Certain instruments held by a Fund rely in some fashion upon LIBOR. Although the transition process away from LIBOR has become increasingly well-defined in advance of the anticipated discontinuation date, there remains uncertainty regarding the nature of any replacement rate, and any potential effects of the transition away from LIBOR on a Fund or on certain instruments in which the Fund invests can be difficult to ascertain. The transition process may involve, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR and may result in a reduction in the value of certain instruments held by a Fund.

(b) Other Risks

In general, a Fund may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks. Please see a Fund’s prospectus and Statement of Additional Information for a more detailed description of the risks of investing in a Fund. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact a Fund’s performance.

Market Disruption Risk  The Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause the Fund to lose value. These events can also impair the technology and other operational systems upon which the Fund’s service providers, including PIMCO as the Fund’s investment adviser, rely, and could otherwise

disrupt the Fund’s service providers’ ability to fulfill their obligations to the Fund. For example, the recent spread of an infectious respiratory illness caused by a novel strain of coronavirus (known as COVID-19) has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the Fund holds, and may adversely affect the Fund’s investments

and operations.

Government Intervention in Financial Markets  Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which a Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which a Fund itself is regulated. Such legislation or regulation could limit or preclude a Fund’s ability to achieve its investment objective. Furthermore, volatile financial markets can expose a Fund to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Fund. The value of a Fund’s holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which a Fund invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk  Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way a Fund is regulated, affect the expenses incurred directly by a Fund and the value of its investments, and limit and/or preclude a Fund’s ability to achieve its investment objective.

Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

Operational Risk  An investment in a Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory

scrutiny, reputational damage or other events, any of which could have a material adverse effect on a Fund. While a Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.

90 PIMCO EQUITY SERIES

December 31, 2022 (Unaudited)

Cyber Security Risk  As the use of technology has become more prevalent in the course of business, the Funds have become potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause a Fund to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Cyber security failures or breaches may result in financial losses to a Fund and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with a Fund’s ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Funds and their shareholders may suffer losses as a result of a cyber security breach related to the Funds, their service providers, trading counterparties or the issuers in which a Fund invests.

8. MASTER NETTING ARRANGEMENTS

A Fund may be subject to various netting arrangements (“Master Agreements”) with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes the Statements of Assets and Liabilities generally present derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in

place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statements of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statements of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. A Fund’s overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively “Master Repo Agreements”) govern repurchase, reverse repurchase, and certain sale-buyback transactions between a Fund and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default, and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

Master Securities Forward Transaction Agreements (“Master Forward Agreements”) govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between a Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedules of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant (“FCM”) registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Fund assets in the segregated account. Portability of exposure reduces risk to the Funds. Variation margin, which reflects changes in market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have

SEMIANNUAL REPORT | DECEMBER 31, 2022 91

Notes to Financial Statements (Cont.)

agreed to a separate arrangement in respect of portfolio margining. The market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin as of period end are disclosed in the Notes to Schedules of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes (“ISDA Master Agreements”) govern bilateral OTC derivative transactions entered into by a Fund with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Funds may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Funds are

required by regulation to post additional collateral beyond coverage of daily exposure, they could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

9. FEES AND EXPENSES

(a) Investment Advisory Fee  PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC (“Allianz Asset Management”) and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from each Fund at an annual rate based on average daily net assets (the “Investment Advisory Fee”). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

(b) Supervisory and Administrative Fee  PIMCO serves as administrator (the “Administrator”) and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each share class’s average daily net assets (the “Supervisory and Administrative Fee”). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

The Investment Advisory Fees and Supervisory and Administrative Fees for all classes, as applicable, are charged at the annual rate as noted in the following table (calculated as a percentage of each Fund’s average daily net assets attributable to each class):

	Investment Advisory Fee		Supervisory and Administrative Fee
Fund Name	All Classes		Institutional Class		Administrative Class		Class A		Class R
PIMCO REALPATH® Blend 2025 Fund		0.01%		0.02%		0.02%		0.22%		0.27%	*
PIMCO REALPATH® Blend 2030 Fund		0.01%		0.02%		0.02%		0.22%		0.27%	*
PIMCO REALPATH® Blend 2035 Fund		0.02%		0.02%		0.02%		0.22%		0.27%	*
PIMCO REALPATH® Blend 2040 Fund		0.03%		0.02%		0.02%		0.22%		0.27%	*
PIMCO REALPATH® Blend 2045 Fund		0.03%		0.02%		0.02%		0.22%		0.27%	*
PIMCO REALPATH® Blend 2050 Fund		0.03%		0.02%		0.02%		0.22%		0.27%	*
PIMCO REALPATH® Blend 2055 Fund		0.03%		0.02%		0.02%		0.22%		0.27%	*
PIMCO REALPATH® Blend 2060 Fund		0.03%		0.02%		0.02%		0.22%		N/A
PIMCO REALPATH® Blend 2065 Fund		0.03%		0.02%		0.02%		0.22%		N/A
PIMCO REALPATH® Blend Income Fund		0.01%		0.02%		0.02%		0.22%		0.27%	*

* This particular share class has been registered with the SEC, but has not yet launched.

(c) Distribution and Servicing Fees  PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor (“Distributor”) of the Trust’s shares.

The Trust has adopted separate Distribution and Servicing Plans with respect to the Class A and Class R shares of the Trust pursuant to Rule 12b-1 under the Act. In connection with the distribution of Class R shares of the Trust, the Distributor receives distribution fees from the Trust of up to 0.25% for Class R shares and in connection with

personal services rendered to Class A and Class R shareholders and the maintenance of such shareholder accounts, the Distributor receives servicing fees from the Trust of up to 0.25% for each of Class A and Class R shares (percentages reflect annual rates of the average daily net assets attributable to the applicable class).

The Trust has adopted a Distribution and Servicing Plan with respect to the Administrative Class shares of each Fund pursuant to Rule 12b-1 under the Act (the “Administrative Class Plan”). Under the terms of the

92 PIMCO EQUITY SERIES

December 31, 2022 (Unaudited)

Administrative Class Plan, a Fund may compensate the Distributor for providing, or procuring through financial intermediaries, distribution, administrative, recordkeeping, shareholder and/or related services with respect to Administrative Class shares. The Administrative Class Plan permits a Fund to make total payments at an annual rate of up to 0.25% of the average daily net assets attributable to the Administrative Class shares.

The Trust paid distribution and servicing fees at effective rates as noted in the following table (calculated as a percentage of each Fund’s average daily net assets attributable to each class):

	Distribution Fee			Servicing Fee
Administrative Class		0.25%			—
Class A		—			0.25%
Class R		0.25%	*		0.25%	*

* This particular share class has been registered with the SEC, but has not yet launched.

The Distributor also received the proceeds of the initial sales charges paid by the shareholders upon the purchase of Class A shares and the contingent deferred sales charges paid by the shareholders upon certain redemptions of Class A and Class C shares. For the period ended December 31, 2022, the Distributor retained $12,068 representing commissions (sales charges) and contingent deferred sales charges, net of any commission adjustments payable by the Distributor to broker dealers, from the Trust.

(d) Fund Expenses  PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust’s executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio

transaction expenses; (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not “interested persons” of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Funds, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust’s Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses per share class.

The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

(e) Expense Limitation  Pursuant to the Expense Limitation Agreement, PIMCO has agreed, through October 31, 2023 (for all Funds except PIMCO REALPATH^® Blend 2065 Fund) or October 31, 2024 (for PIMCO REALPATH^® Blend 2065 Fund), to waive a portion of the Funds’ Supervisory and Administrative Fee, or reimburse each Fund, to the extent that each Fund’s organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee Fees exceed 0.0049% (the “Expense Limit”) (calculated as a percentage of each Fund’s average daily net assets attributable to each class). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The waiver, if any, is reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO.

In any month in which the investment advisory contract or supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by each Fund of any portion of the supervisory and administrative fee waived or reimbursed as set forth above (the “Reimbursement Amount”) within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. The total recoverable amounts to PIMCO at December 31, 2022, were as follows (amounts in thousands^†):

	Expiring within
Fund Name	12 months		13-24 months		25-36 months		Total
PIMCO RealPath® Blend 2025 Fund	$	0	$	0	$	14	$	14
PIMCO RealPath® Blend 2030 Fund		0		0		17		17
PIMCO RealPath® Blend 2035 Fund		0		0		14		14

SEMIANNUAL REPORT | DECEMBER 31, 2022 93

Notes to Financial Statements (Cont.)

	Expiring within
Fund Name	12 months		13-24 months		25-36 months		Total
PIMCO RealPath® Blend 2040 Fund	$	0	$	0	$	15	$	15
PIMCO RealPath® Blend 2045 Fund		0		0		16		16
PIMCO RealPath® Blend 2050 Fund		0		1		17		18
PIMCO RealPath® Blend 2055 Fund		0		0		7		7
PIMCO RealPath® Blend 2060 Fund		67		0		1		68
PIMCO RealPath® Blend Income Fund		0		0		15		15

^†  A zero balance may reflect actual amounts rounding to less than one thousand.

(f) Acquired Fund Fees and Expenses  Acquired Fund expenses incurred by the Funds, if any, will vary with changes in the expenses of the Acquired Funds, as well as the allocation of the Funds’ assets.

The expenses associated with investing in a fund of funds are generally higher than those for mutual funds that do not invest in other mutual funds. The cost of investing in a fund of funds will generally be higher than the cost of investing in a mutual fund that invests directly in individual stocks and bonds. By investing in a fund of funds, an investor will indirectly bear fees and expenses charged by Acquired Funds in addition to each Fund’s direct fees and expenses. In addition, the use of a fund of funds structure could affect the timing, amount and character of distributions to the shareholders and may therefore increase the amount of taxes payable by shareholders.

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statements of Assets and Liabilities.

11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust’s organizational documents, each Trustee or officer of the Trust is indemnified and each employee or other agent of the Trust

(including the Trust’s investment manager) may be indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts.

12. PURCHASES AND SALES OF SECURITIES

The length of time a Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Fund is known as “portfolio turnover.” Each Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by the Fund. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates when distributed to shareholders). The transaction costs associated with portfolio turnover may adversely affect a Fund’s performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended December 31, 2022, were as follows (amounts in thousands^†):

	U.S. Government/Agency				All Other
Fund Name	Purchases		Sales		Purchases		Sales
PIMCO REALPATH® Blend 2025 Fund	$	0	$	0	$	73,591	$	24,188
PIMCO REALPATH® Blend 2030 Fund		0		0		84,764		17,241
PIMCO REALPATH® Blend 2035 Fund		0		0	��	107,742		21,667
PIMCO REALPATH® Blend 2040 Fund		0		0		85,152		17,470
PIMCO REALPATH® Blend 2045 Fund		0		0		80,199		13,354
PIMCO REALPATH® Blend 2050 Fund		0		0		67,945		12,624
PIMCO REALPATH® Blend 2055 Fund		0		0		50,936		6,302
PIMCO REALPATH® Blend 2060 Fund		0		0		21,591		2,826
PIMCO REALPATH® Blend 2065 Fund		0		0		2,868		0
PIMCO REALPATH® Blend Income Fund		0		0		51,171		29,367

^†  A zero balance may reflect actual amounts rounding to less than one thousand.

94 PIMCO EQUITY SERIES

December 31, 2022 (Unaudited)

13. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands^†):

	PIMCO REALPATH® Blend 2025 Fund												PIMCO REALPATH® Blend 2030 Fund
	Six Months Ended 12/31/2022 (Unaudited)						Year Ended 06/30/2022						Six Months Ended 12/31/2022 (Unaudited)						Year Ended 06/30/2022
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		6,756		$	75,130			6,242		$	80,925			7,744		$	89,698			7,130		$	96,460
Administrative Class		177			1,999			272			3,509			150			1,747			303			4,107
Class A		52			582			141			1,844			37			423			137			1,873
Issued as reinvestment of distributions
Institutional Class		745			8,308			585			7,804			753			8,768			620			8,658
Administrative Class		80			892			76			1,020			79			919			84			1,183
Class A		16			182			23			310			20			235			22			315
Cost of shares redeemed
Institutional Class		(2,651	)		(30,012	)		(4,395	)		(57,184	)		(2,182	)		(25,705	)		(4,210	)		(56,697	)
Administrative Class		(105	)		(1,183	)		(263	)		(3,432	)		(93	)		(1,072	)		(220	)		(3,006	)
Class A		(182	)		(2,011	)		(301	)		(3,863	)		(24	)		(275	)		(143	)		(1,921	)
Net increase (decrease) resulting from Fund share transactions		4,888		$	53,887			2,380		$	30,933			6,484		$	74,738			3,723		$	50,972

	PIMCO REALPATH® Blend 2035 Fund												PIMCO REALPATH® Blend 2040 Fund
	Six Months Ended 12/31/2022 (Unaudited)						Year Ended 06/30/2022						Six Months Ended 12/31/2022 (Unaudited)						Year Ended 06/30/2022
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		8,494		$	102,980			7,204		$	100,911			7,037		$	87,639			6,180		$	88,871
Administrative Class		189			2,290			331			4,715			126			1,589			208			2,931
Class A		50			616			89			1,272			57			704			75			1,090
Issued as reinvestment of distributions
Institutional Class		645			7,825			459			6,682			566			7,089			489			7,393
Administrative Class		63			759			66			965			39			483			48			733
Class A		16			200			17			245			15			192			20			300
Cost of shares redeemed
Institutional Class		(1,830	)		(22,707	)		(3,103	)		(43,060	)		(1,814	)		(22,927	)		(2,773	)		(38,905	)
Administrative Class		(60	)		(721	)		(215	)		(3,063	)		(123	)		(1,533	)		(156	)		(2,207	)
Class A		(8	)		(99	)		(72	)		(1,045	)		(24	)		(289	)		(98	)		(1,369	)
Net increase (decrease) resulting from Fund share transactions		7,559		$	91,143			4,776		$	67,622			5,879		$	72,947			3,993		$	58,837

	PIMCO REALPATH® Blend 2045 Fund												PIMCO REALPATH® Blend 2050 Fund
	Six Months Ended 12/31/2022 (Unaudited)						Year Ended 06/30/2022						Six Months Ended 12/31/2022 (Unaudited)						Year Ended 06/30/2022
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		6,445		$	81,335			5,303		$	77,193			5,552		$	70,897			4,764		$	69,813
Administrative Class		151			1,891			234			3,405			177			2,244			176			2,585
Class A		31			396			45			659			33			428			64			951
Issued as reinvestment of distributions
Institutional Class		493			6,264			428			6,584			460			5,914			462			7,211
Administrative Class		37			464			44			675			38			482			51			792
Class A		8			99			9			141			7			89			11			173
Cost of shares redeemed
Institutional Class		(1,427	)		(18,468	)		(2,397	)		(34,648	)		(1,340	)		(17,302	)		(2,080	)		(30,553	)
Administrative Class		(93	)		(1,169	)		(120	)		(1,763	)		(71	)		(904	)		(150	)		(2,242	)
Class A		(4	)		(49	)		(41	)		(618	)		(10	)		(130	)		(102	)		(1,507	)
Net increase (decrease) resulting from Fund share transactions		5,641		$	70,763			3,505		$	51,628			4,846		$	61,718			3,196		$	47,223

SEMIANNUAL REPORT | DECEMBER 31, 2022 95

Notes to Financial Statements (Cont.)

	PIMCO REALPATH® Blend 2055 Fund												PIMCO REALPATH® Blend 2060 Fund
	Six Months Ended 12/31/2022 (Unaudited)						Year Ended 06/30/2022						Six Months Ended 12/31/2022 (Unaudited)						Year Ended 06/30/2022
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		4,424		$	57,159			4,887		$	72,104			2,325		$	23,202			1,709		$	19,212
Administrative Class		164			2,106			230			3,411			47			463			33			376
Class A		54			677			47			684			23			210			35			416
Issued as reinvestment of distributions
Institutional Class		309			4,012			258			4,051			56			566			94			1,140
Administrative Class		16			213			17			261			1			10			1			14
Class A		5			61			6			88			1			9			7			90
Cost of shares redeemed
Institutional Class		(1,234	)		(16,218	)		(1,763	)		(25,902	)		(465	)		(4,663	)		(443	)		(5,001	)
Administrative Class		(43	)		(552	)		(98	)		(1,456	)		(13	)		(132	)		(2	)		(22	)
Class A		(21	)		(259	)		(52	)		(761	)		(9	)		(84	)		(54	)		(627	)
Net increase (decrease) resulting from Fund share transactions		3,674		$	47,199			3,532		$	52,480			1,966		$	19,581			1,380		$	15,598

	PIMCO  REALPATH® Blend 2065 Fund				PIMCO REALPATH® Blend Income Fund
	Inception date through 12/31/2022(a) (Unaudited)				Six Months Ended 12/31/2022 (Unaudited)						Year Ended 06/30/2022
	Shares		Amount		Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		280	$	2,800		5,544		$	59,180			5,321		$	66,789
Administrative Class		10		100		58			620			221			2,789
Class A		10		100		120			1,265			1,004			12,546
Issued as reinvestment of distributions
Institutional Class		0		0		512			5,451			583			7,420
Administrative Class		0		0		63			677			90			1,147
Class A		0		0		62			653			91			1,150
Cost of shares redeemed
Institutional Class		0		0		(3,222	)		(34,692	)		(4,928	)		(61,063	)
Administrative Class		0		0		(189	)		(1,994	)		(402	)		(4,987	)
Class A		0		0		(651	)		(6,953	)		(807	)		(9,964	)
Net increase (decrease) resulting from Fund share transactions		300	$	3,000		2,297		$	24,207			1,173		$	15,827

^† A zero balance may reflect actual amounts rounding to less than one thousand.

^(a)  Inception date of the Fund was December 30, 2022.

The following table discloses the number of shareholders that owned 10% or more of the outstanding shares of a Fund along with their respective percent ownership, if any, as of December 31, 2022. Some of these shareholders may be considered related parties, which may include, but are not limited to, the investment adviser and its affiliates, affiliated broker dealers, fund of funds and directors or employees of the Trust or Adviser.

	Shareholders that own 10% or more of outstanding shares				Total percentage of portfolio held by shareholders that own 10%  or more of outstanding shares
	Non-Related Parties		Related Parties		Non-Related Parties		Related Parties
PIMCO REALPATH® Blend 2025 Fund		1		0		16		0
PIMCO REALPATH® Blend 2030 Fund		1		0		12		0
PIMCO REALPATH® Blend 2035 Fund		1		0		11		0
PIMCO REALPATH® Blend 2040 Fund		1		0		12		0
PIMCO REALPATH® Blend 2045 Fund		1		0		11		0
PIMCO REALPATH® Blend 2055 Fund		1		0		15		0
PIMCO REALPATH® Blend 2060 Fund		1		0		21		0

96 PIMCO EQUITY SERIES

December 31, 2022 (Unaudited)

14. REGULATORY AND LITIGATION MATTERS

The Funds are not named as defendants in any material litigation or arbitration proceedings and are not aware of any material litigation or claim pending or threatened against them.

On May 17, 2022, Allianz Global Investors U.S. LLC (“AGI U.S.”) pleaded guilty in connection with the proceeding United States of America v. Allianz Global Investors U.S. LLC. AGI U.S. is an indirect subsidiary of Allianz SE. The conduct resulting in the matter described above occurred entirely within AGI U.S. and did not involve PIMCO or the Distributor, or any personnel of PIMCO or the Distributor. Nevertheless, because of the disqualifying conduct of AGI U.S., their affiliate, PIMCO would have been disqualified from serving as the investment adviser, and the Distributor would have been disqualified from serving as the principal underwriter, to the Funds in the absence of SEC exemptive relief. PIMCO and the Distributor have received exemptive relief from the SEC to permit them to continue serving as investment adviser and principal underwriter for U.S. registered investment companies, including the Funds.

The foregoing speaks only as of the date of this report.

15. FEDERAL INCOME TAX MATTERS

Each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the “Code”) and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

A Fund may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

In accordance with U.S. GAAP, the Adviser has reviewed the Funds’ tax positions for all open tax years. As of December 31, 2022, the Funds have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.

The Funds file U.S. federal, state, and local tax returns as required. The Funds’ tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

Under the Regulated Investment Company Modernization Act of 2010, a fund is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

As of their last fiscal year ended June 30, 2022, the Funds had the following post-effective capital losses with no expiration (amounts in thousands^†):

	Short-Term		Long-Term
PIMCO REALPATH® Blend 2025 Fund	$	0	$	0
PIMCO REALPATH® Blend 2030 Fund		0		0
PIMCO REALPATH® Blend 2035 Fund		0		0
PIMCO REALPATH® Blend 2040 Fund		0		0
PIMCO REALPATH® Blend 2045 Fund		0		0
PIMCO REALPATH® Blend 2050 Fund		0		0
PIMCO REALPATH® Blend 2055 Fund		0		0
PIMCO REALPATH® Blend 2060 Fund		0		0
PIMCO REALPATH® Blend 2065 Fund		0		0
PIMCO REALPATH® Blend Income Fund		0		0

^†  A zero balance may reflect actual amounts rounding to less than one thousand.

SEMIANNUAL REPORT | DECEMBER 31, 2022 97

Notes to Financial Statements (Cont.) December 31, 2022 (Unaudited)

As of December 31, 2022, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands^†):

	Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net  Unrealized Appreciation/ (Depreciation)(1)
PIMCO REALPATH® Blend 2025 Fund	$	317,035	$	7,799	$	(36,672	)	$	(28,873	)
PIMCO REALPATH® Blend 2030 Fund		368,197		9,977		(35,395	)		(25,418	)
PIMCO REALPATH® Blend 2035 Fund		354,871		6,924		(24,637	)		(17,713	)
PIMCO REALPATH® Blend 2040 Fund		332,135		9,930		(19,974	)		(10,044	)
PIMCO REALPATH® Blend 2045 Fund		305,891		9,941		(14,927	)		(4,986	)
PIMCO REALPATH® Blend 2050 Fund		289,399		9,907		(8,606	)		1,301
PIMCO REALPATH® Blend 2055 Fund		211,282		2,957		(8,581	)		(5,624	)
PIMCO REALPATH® Blend 2060 Fund		45,719		0		(3,196	)		(3,196	)
PIMCO REALPATH® Blend 2065 Fund		2,868		0		0			0
PIMCO REALPATH® Blend Income Fund		266,456		9,253		(36,036	)		(26,783	)

^†  A zero balance may reflect actual amounts rounding to less than one thousand.

⁽¹⁾  Primary differences, if any, between book and tax net unrealized appreciation/(depreciation) are attributable to wash sale loss deferrals for federal income tax purposes.

98 PIMCO EQUITY SERIES

Glossary: (abbreviations that may be used in the preceding statements) (Unaudited)

Counterparty Abbreviations:
FICC	Fixed Income Clearing Corporation	JPM	JP Morgan Chase Bank N.A.
Currency Abbreviations:
USD (or $)	United States Dollar
Exchange Abbreviations:
CBOE	Chicago Board Options Exchange	OTC	Over the Counter
Index/Spread Abbreviations:
FNRETR	FTSE Nareit Equity REITs Total Return Index	S&P 500	Standard & Poor’s 500 Index
Other Abbreviations:
LIBOR	London Interbank Offered Rate	TBA	To-Be-Announced

SEMIANNUAL REPORT | DECEMBER 31, 2022 99

Distribution Information

For purposes of Section 19 of the Investment Company Act of 1940 (the “Act”), the Funds estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended December 31, 2022 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

PIMCO REALPATH® Blend 2025 Fund
Institutional Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
September 2022	$	0.0541	$	0.0000	$	0.0000	$	0.0541
December 2022	$	0.1503	$	0.0000	$	0.0000	$	0.1503
Administrative Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
September 2022	$	0.0493	$	0.0000	$	0.0000	$	0.0493
December 2022	$	0.1413	$	0.0000	$	0.0000	$	0.1413
Class A	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
September 2022	$	0.0455	$	0.0000	$	0.0000	$	0.0455
December 2022	$	0.1311	$	0.0000	$	0.0000	$	0.1311
PIMCO REALPATH® Blend 2030 Fund
Institutional Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
September 2022	$	0.0476	$	0.0000	$	0.0000	$	0.0476
December 2022	$	0.1361	$	0.0000	$	0.0000	$	0.1361
Administrative Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
September 2022	$	0.0427	$	0.0000	$	0.0000	$	0.0427
December 2022	$	0.1268	$	0.0000	$	0.0000	$	0.1268
Class A	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
September 2022	$	0.0388	$	0.0000	$	0.0000	$	0.0388
December 2022	$	0.1192	$	0.0000	$	0.0000	$	0.1192
PIMCO REALPATH® Blend 2035 Fund
Institutional Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
September 2022	$	0.0360	$	0.0000	$	0.0000	$	0.0360
December 2022	$	0.1562	$	0.0000	$	0.0000	$	0.1562
Administrative Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
September 2022	$	0.0309	$	0.0000	$	0.0000	$	0.0309
December 2022	$	0.1466	$	0.0000	$	0.0000	$	0.1466
Class A	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
September 2022	$	0.0270	$	0.0000	$	0.0000	$	0.0270
December 2022	$	0.1387	$	0.0000	$	0.0000	$	0.1387

100 PIMCO EQUITY SERIES

(Unaudited)

PIMCO REALPATH® Blend 2040 Fund
Institutional Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
September 2022	$	0.0282	$	0.0000	$	0.0000	$	0.0282
December 2022	$	0.1428	$	0.0000	$	0.0000	$	0.1428
Administrative Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
September 2022	$	0.0229	$	0.0000	$	0.0000	$	0.0229
December 2022	$	0.1327	$	0.0000	$	0.0000	$	0.1327
Class A	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
September 2022	$	0.0189	$	0.0000	$	0.0000	$	0.0189
December 2022	$	0.1250	$	0.0000	$	0.0000	$	0.1250
PIMCO REALPATH® Blend 2045 Fund
Institutional Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
September 2022	$	0.0257	$	0.0000	$	0.0000	$	0.0257
December 2022	$	0.1327	$	0.0000	$	0.0000	$	0.1327
Administrative Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
September 2022	$	0.0202	$	0.0000	$	0.0000	$	0.0202
December 2022	$	0.1227	$	0.0000	$	0.0000	$	0.1227
Class A	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
September 2022	$	0.0163	$	0.0000	$	0.0000	$	0.0163
December 2022	$	0.1147	$	0.0000	$	0.0000	$	0.1147
PIMCO REALPATH® Blend 2050 Fund
Institutional Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
September 2022	$	0.0208	$	0.0000	$	0.0000	$	0.0208
December 2022	$	0.1291	$	0.0000	$	0.0000	$	0.1291
Administrative Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
September 2022	$	0.0154	$	0.0000	$	0.0000	$	0.0154
December 2022	$	0.1191	$	0.0000	$	0.0000	$	0.1191
Class A	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
September 2022	$	0.0114	$	0.0000	$	0.0000	$	0.0114
December 2022	$	0.1109	$	0.0000	$	0.0000	$	0.1109

SEMIANNUAL REPORT | DECEMBER 31, 2022 101

Distribution Information (Cont.) (Unaudited)

PIMCO REALPATH® Blend 2055 Fund
Institutional Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
September 2022	$	0.0229	$	0.0000	$	0.0000	$	0.0229
December 2022	$	0.1354	$	0.0000	$	0.0000	$	0.1354
Administrative Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
September 2022	$	0.0176	$	0.0000	$	0.0000	$	0.0176
December 2022	$	0.1254	$	0.0000	$	0.0000	$	0.1254
Class A	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
September 2022	$	0.0133	$	0.0000	$	0.0000	$	0.0133
December 2022	$	0.1178	$	0.0000	$	0.0000	$	0.1178
PIMCO REALPATH® Blend 2060 Fund
Institutional Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
September 2022	$	0.0129	$	0.0000	$	0.0000	$	0.0129
December 2022	$	0.0823	$	0.0000	$	0.0000	$	0.0823
Administrative Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
September 2022	$	0.0093	$	0.0000	$	0.0000	$	0.0093
December 2022	$	0.0749	$	0.0000	$	0.0000	$	0.0749
Class A	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
September 2022	$	0.0053	$	0.0000	$	0.0000	$	0.0053
December 2022	$	0.0687	$	0.0000	$	0.0000	$	0.0687
PIMCO REALPATH® Blend Income Fund
Institutional Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
September 2022	$	0.0579	$	0.0000	$	0.0000	$	0.0579
December 2022	$	0.1561	$	0.0000	$	0.0000	$	0.1561
Administrative Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
September 2022	$	0.0533	$	0.0000	$	0.0000	$	0.0533
December 2022	$	0.1471	$	0.0000	$	0.0000	$	0.1471
Class A	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
September 2022	$	0.0496	$	0.0000	$	0.0000	$	0.0496
December 2022	$	0.1392	$	0.0000	$	0.0000	$	0.1392

* The source of dividends provided in the table differs, in some respects, from information presented in this report prepared in accordance with generally accepted accounting principles, or U.S. GAAP. For example, net earnings from certain interest rate swap contracts are included as a source of net investment income for purposes of Section 19(a). Accordingly, the information in the table may differ from information in the accompanying financial statements that are presented on the basis of U.S. GAAP and may differ from tax information presented in the footnotes. Amounts shown may include accumulated, as well as fiscal period net income and net profits.

** Occurs when a fund distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a fund’s net income, yield, earnings or investment performance.

102 PIMCO EQUITY SERIES

Approval of Investment Advisory Contract and Other Agreements (Unaudited)

Approval of Renewal of the Investment Advisory Contract and Other Agreements

At a meeting held on August 23-24, 2022, the Board of Trustees (the “Board”) of PIMCO Equity Series (the “Trust”), including the Trustees who are not “interested persons” of the Trust under the Investment Company Act of 1940, as amended (the “Independent Trustees”), considered and unanimously approved the renewal of the Investment Advisory Contract (the “Investment Advisory Contract”) between the Trust, on behalf of PIMCO Dividend and Income Fund, PIMCO RAE Emerging Markets Fund, PIMCO RAE Global ex-US Fund, PIMCO RAE International Fund, PIMCO RAE US Fund, PIMCO RAE US Small Fund, PIMCO REALPATH^® Blend Income Fund, PIMCO REALPATH^® Blend 2025 Fund, PIMCO REALPATH^® Blend 2030 Fund, PIMCO REALPATH^® Blend 2035 Fund, PIMCO REALPATH^® Blend 2040 Fund, PIMCO REALPATH^® Blend 2045 Fund, PIMCO REALPATH^® Blend 2050 Fund, PIMCO REALPATH^® Blend 2055 Fund and PIMCO REALPATH^® Blend 2060 Fund (each, a “Fund” and collectively, the “Funds”), and Pacific Investment Management Company LLC (“PIMCO”), for an additional one-year term through August 31, 2023. The Board also considered and unanimously approved the renewal of the Second Amended and Restated Supervision and Administration Agreement (the “Supervision and Administration Agreement”) between the Trust, on behalf of the Funds, and PIMCO for an additional one-year term through August 31, 2023.

In addition, the Board considered and unanimously approved the renewal of the Second Amended and Restated Sub-Advisory Agreement (the “Sub-Advisory Agreement” and, together with the Investment Advisory Contract and the Supervision and Administration Agreement, the “Agreements”) between PIMCO, on behalf of PIMCO RAE Emerging Markets Fund, PIMCO RAE Global ex-US Fund, PIMCO RAE International Fund, PIMCO RAE US Fund and PIMCO RAE US Small Fund (the “RAE Funds”), each a series of the Trust, and Research Affiliates, LLC (“Research Affiliates”) for an additional one-year term through August 31, 2023.

At a meeting held on November 15-16, 2022, the Board, including all of the Independent Trustees, considered and unanimously approved the Amended and Restated Investment Advisory Contract (the “New Fund Investment Advisory Contract”) and the Second Amended and Restated Supervision and Administration Agreement (the “New Fund Supervision and Administration Agreement” and together with the New Fund Investment Advisory Contract, the “New Fund Agreements”) between the Trust, on behalf of PIMCO REALPATH^® Blend 2065 Fund ( the “New Fund”) and PIMCO for an initial two-year term.

The information, material factors and conclusions that formed the basis for the Board’s approvals are summarized below.

1. INFORMATION RECEIVED

(a) Materials Reviewed:  During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO and Research Affiliates to the Trust. At each of its quarterly meetings, the Board reviewed the Funds’ investment performance and a significant amount of information relating to Fund operations, including shareholder services, valuation and custody, the Funds’ compliance program and other information relating to the nature, extent and quality of services provided by PIMCO and Research Affiliates to the Trust and each of the Funds, as applicable. In considering whether to approve the renewal of the Agreements, the Board reviewed additional information, including, but not limited to: comparative industry data with regard to investment performance; advisory and supervisory and administrative fees and expenses; financial information for PIMCO, including, where relevant, financial information for Research Affiliates; information regarding the profitability to PIMCO of its relationship with the Funds; information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Funds; and information about the fees charged and services provided to other clients with similar investment mandates as the Funds, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees (“Counsel”), which included, among other things, a memorandum outlining legal duties of the Board in considering the renewal of the Agreements.

In considering whether to approve the New Fund Agreements, the Board reviewed materials provided by PIMCO, which included, among other things, information relating to the New Fund’s operations and comparative data with regard to portfolios with investment objectives and policies similar to those of the New Fund. In addition, the Board reviewed materials provided by Counsel, which included, among other things, memoranda outlining legal duties of the Board in considering the approval of the New Fund Agreements. The Board also reviewed information about the personnel who would be providing investment management services, other advisory services and supervisory and administrative services to the New Fund.

(b) Review Process:  In connection with considering the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates in response to requests from Counsel encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared at the Board’s request by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company performance information and fee and expense

SEMIANNUAL REPORT | DECEMBER 31, 2022 103

Approval of Investment Advisory Contract and Other Agreements (Cont.)

data. The Board received presentations on matters related to the Agreements and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 23-24, 2022 meeting. The Independent Trustees also met via video conference with Counsel on July 14, 2022, and conducted a video conference meeting on August 10, 2022 with management and Counsel to discuss the materials presented and other matters deemed relevant to their consideration of the renewal of the Agreements. In connection with its review of the Agreements, the Board received comparative information on the performance, the risk-adjusted performance and the fees and expenses of other peer group funds and share classes. The Independent Trustees also requested and received supplemental information, including information regarding Broadridge peer classifications, the expense structure of certain Funds and classes, outflows for certain Funds, Fund performance and profitability.

In connection with the approval of the New Fund Agreements, the Board reviewed written materials prepared by PIMCO. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel. The Board heard oral presentations on matters related to the New Fund Agreements at the November 15-16, 2022 meeting with respect to the New Fund.

The approval determinations were made on the basis of each Trustee’s business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Agreements and approve the New Fund Agreements, the Board did not identify any single factor or particular information that, in isolation, was controlling. The discussion below is intended to summarize the broad factors and information that figured prominently in the Board’s consideration of the renewal of the Agreements and approve the New Fund Agreements, but is not intended to summarize all of the factors considered by the Board.

2. NATURE, EXTENT AND QUALITY OF SERVICES

(a) PIMCO, Research Affiliates, their Personnel and Resources:  The Board considered the depth and quality of PIMCO’s investment management process, including, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Funds’ asset levels. The Board also considered the various services in addition to portfolio management that PIMCO provides under the Investment Advisory Contract. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to investment management, compliance, trading, performance and portfolio accounting. The Board also noted PIMCO’s commitment to

enhancing and investing in its global infrastructure, technology capabilities, risk management processes and the specialized talent needed to stay at the forefront of the competitive investment management industry and to strengthen its ability to deliver services under the Agreements. The Board considered PIMCO’s policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including new regulations impacting the Funds, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the Funds’ investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the Funds and their shareholders. The Board also considered PIMCO’s investment in new disciplines and talented personnel, which has enhanced PIMCO’s services to the Funds and has allowed PIMCO to introduce innovative new funds over time.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including the ongoing development of its own proprietary software and applications to support the Funds.

Similarly, the Board considered the sub-advisory services provided by Research Affiliates to the RAE Funds. The Board further considered PIMCO’s oversight of Research Affiliates in connection with Research Affiliates providing sub-advisory services to the RAE Funds. The Board also considered the depth and quality of Research Affiliates’ investment management and research capabilities, the experience and capabilities of their portfolio management personnel and the overall financial strength of the organization.

Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Agreements and provided by Research Affiliates under the Sub-Advisory Agreement are likely to continue to benefit the Funds and their shareholders, as applicable.

(b) Other Services:  The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Funds under the Supervision and Administration Agreement. The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the “unified fee”). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Funds, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration

104 PIMCO EQUITY SERIES

(Unaudited)

Agreement continue to increase. The Board considered PIMCO’s provision of supervisory and administrative services and its supervision of the Trust’s third party service providers to assure that these service providers continue to provide a high level of service relative to alternatives available in the market.

Ultimately, the Board concluded that the nature, extent and quality of the services provided or procured by PIMCO has benefited, and will likely continue to benefit, the Funds and their shareholders.

With respect to the New Fund, the Board also considered the nature, extent and quality of services to be provided by PIMCO to the New Fund under the New Fund Agreements, as well as PIMCO’s provision of these services to other series of the Trust and its supervision of the Trust’s third party service providers. The Board concluded that the nature, extent and quality of services to be provided by PIMCO would likely benefit the New Fund and its shareholders.

3. INVESTMENT PERFORMANCE

As the New Fund had not yet commenced operations at the time the New Fund Agreements were considered, the Trustees did not receive or consider investment performance information for the New Fund.

The Board reviewed information from PIMCO concerning the Funds’ performance, as available, over short- and long-term periods ended March 31, 2022 and other performance data, as available, over short- and long-term periods ended June 30, 2022 (the “PIMCO Report”) and from Broadridge concerning the Funds’ performance, as available, over short- and long-term periods ended March 31, 2022 (the “Broadridge Report”). The Board also noted that while historically the Broadridge Report included peer classifications from only Lipper, as part of this approval process the Broadridge Report incorporated peer classifications from Morningstar for Funds for which it was believed that Morningstar provided a materially improved comparison.

The Board considered information regarding both the short- and long-term relative and absolute investment performance of each Fund relative to its Fund peer group, where appropriate, and relevant benchmark index as provided to the Board in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Broadridge Report.

The Trustees noted the Funds (based on Institutional Class performance) that outperformed their respective benchmark indexes on a net-of-fees basis over the one-, three- and five-year periods ended June 30, 2022. The Board also noted the amounts of the Funds’ assets (based on Institutional Class performance) that outperformed their relevant benchmark indexes on a net-of-fees basis over the one-, three- and five-year periods ended June 30, 2022. The Board discussed these and other performance-related developments. The Board considered that, according

to the Broadridge Report, the Funds generally performed well versus competitors during the long-term, but that certain Funds had underperformed in comparison to their respective peer groups or benchmark indexes, or both, on a net-of-fees basis over certain short- and long-term periods. With respect to Funds that underperformed to a certain degree over such periods, the Board discussed with PIMCO the reasons for the underperformance of such Funds. The Board also considered actions that have been taken by PIMCO throughout the year to attempt to address underperformance. Depending on the circumstances, the Independent Trustees may be satisfied with a Fund’s performance notwithstanding that it lags its benchmark index or peer group for certain periods. The Board ultimately concluded, within the context of all of its considerations in connection with the Agreements, that PIMCO’s performance record and process in managing the Funds indicates that its continued management is likely to benefit the Funds and their shareholders, and merits the approval of the renewal of the Agreements.

4. ADVISORY FEES, SUPERVISORY AND ADMINISTRATIVE FEES AND TOTAL EXPENSES

The Board considered that PIMCO seeks to price new funds to scale at the outset. The Board noted that PIMCO generally seeks to price new funds competitively against the median total expense ratio of the respective Broadridge peer group, if available, while acknowledging that a fee premium may be appropriate for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Fund or class of shares, it considers a number of factors, including, but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services, and the competitive marketplace for financial products. Fees charged to or proposed for different Funds for advisory services and supervisory and administrative services may vary in light of these various factors. The Board also considered that PIMCO reviews the Funds’ fee levels and carefully considers changes where appropriate due to competitive positioning considerations, observed long-term notable underperformance and significant misalignments with the level or quality of services being provided or a change in the overall strategic positioning of the Funds.

The Board reviewed the advisory fees, supervisory and administrative fees and total expenses of the Funds (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. The Board also reviewed information relating to the sub-advisory fees paid to Research Affiliates with respect to applicable Funds, taking into account that PIMCO compensates Research Affiliates from the advisory fees paid by such Funds to PIMCO. With respect to advisory fees, the Board reviewed data from the Broadridge Report that compared the average and

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Approval of Investment Advisory Contract and Other Agreements (Cont.)

median advisory fees of other funds in a “Peer Group” of comparable funds, where appropriate, as well as the universe of other similar funds. The Board also considered that PIMCO reviews the Funds’ fee levels and carefully considers changes where appropriate. The Board also reviewed data comparing certain Funds’ advisory fees to the fee rates PIMCO charged to private funds, separate accounts, sub-advised clients, and collective investment trusts with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Funds, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in the advisory and other services provided by PIMCO to the Funds, differences in the number or extent of the services provided by PIMCO to the Funds, the manner in which similar portfolios may be managed, different requirements with respect to liquidity management and the implementation of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees.

The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as compared to separate accounts, external sub-advised funds or other investment products. In addition, the Trustees considered that PIMCO may charge certain private funds with similar investment mandates lower fees than the Funds because such private funds are not required to accept daily redemptions or price their assets on a daily basis, generally do not accept small investors with small account balances and operate under a less complex regulatory regime.

Regarding advisory fees charged by PIMCO in its capacity as sub-adviser to third party/unaffiliated funds, the Trustees took into account that such fees may be lower than the fees charged by PIMCO to serve as adviser to the Funds. The Trustees also took into account that there are various reasons for any such differences in fees, including, but not limited to, the fact that PIMCO may be subject to varying levels of entrepreneurial, legal and regulatory risk and different servicing requirements when PIMCO does not serve as the sponsor of a fund and is not principally responsible for all aspects of a fund’s investment program and operations as compared to when PIMCO serves as investment adviser and sponsor.

The Board considered the Funds’ supervisory and administrative fees, comparing them to similar funds managed by other investment advisers in the Broadridge Report. The Board also considered that as the Funds’ business has become increasingly complex and the number of Funds has grown over time, PIMCO has provided an increasingly broad array of fund supervisory and administrative functions. In addition, the Board considered the Trust’s unified fee structure, under which the Trust pays for the supervisory and administrative services it requires for one set fee. In return for this unified fee, PIMCO provides or procures

supervisory and administrative services and bears the costs of various third party services required by the Funds, including audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for comparable services separately, and thus it is difficult to directly compare the Trust’s unified supervisory and administrative fees with the fees paid by other funds for administrative services alone. The Board also considered that the unified supervisory and administrative fee leads to Fund fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Fund fees at competitive levels over the contract period even if the Funds’ operating costs rise when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO’s approach of pricing Funds at scale at inception and reinvesting in other important areas of the business that support the Funds. The Board concluded that the Funds’ supervisory and administrative fees were reasonable in relation to the value of the services provided, including the services provided to different classes of shareholders, and that the expenses assumed contractually by PIMCO under the Supervision and Administration Agreement represent, in effect, a cap on overall Fund fees during the contractual period, which is beneficial to the Funds and their shareholders.

The Board noted that in most cases the Funds’ total expense ratios were lower than the total expense ratios of competitor funds. The Board discussed with PIMCO certain Funds and/or classes of Funds that had above median total expenses. Upon comparing the Funds’ total expenses to other funds in the “Peer Groups” provided by the Broadridge Report where appropriate, the Board found total expenses of each Fund to be reasonable.

The Trustees also considered the advisory fees charged to the Funds that operate as funds of funds (the “Funds of Funds”) and the advisory services provided in exchange for such fees. The Trustees determined that such services were in addition to the advisory services provided to the underlying funds in which the Funds of Funds may invest and, therefore, such services were not duplicative of the advisory services provided to the underlying funds. The Board also considered the expense limitation agreement in place for all of the Funds and the various fee waiver agreements in place for certain of the Funds and/or classes and the Funds of Funds. Based on the information presented by PIMCO, Research Affiliates and Broadridge, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the Agreements, that the fees charged by Research Affiliates under the Sub-Advisory Agreement, and that the total expenses of each Fund are reasonable.

106 PIMCO EQUITY SERIES

(Unaudited)

With respect to the New Fund, PIMCO reported to the Board that, in considering fees for the New Fund, it analyzed a number of factors, including the type and complexity of the services to be provided, the cost of providing services, the risk assumed by PIMCO in the provision of services, the impact on potential returns from different levels of fees, the competitive marketplace for financial products, and the attractiveness of potential returns to prospective investors. Based on the information presented by PIMCO, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the New Fund Agreements were reasonable.

5. ADVISER COSTS, LEVEL OF PROFITS AND ECONOMIES OF SCALE

As the New Fund had not yet commenced operations at the time the New Fund Agreements were considered, information regarding PIMCO’s costs in providing services to the New Fund and the profitability of PIMCO’s relationship with the New Fund was not available.

The Board reviewed information regarding PIMCO’s costs of providing services to the Funds as a whole, as well as the resulting level of profits attributable to the Funds. The Board also noted that it had received information regarding the structure and manner in which PIMCO’s investment professionals were compensated and PIMCO’s view of the relationship of such compensation to the recruitment and retention of quality personnel. The Board considered PIMCO’s investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce existing services, offer new services, and accommodate changing regulatory requirements.

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Funds, PIMCO shares the benefits of such economies of scale, if any, with the Funds and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision, governance and oversight of those services; and through fee reductions or waivers, the pricing of Funds to scale from inception and the enhancement of services provided to the Funds in return for fees paid. In considering the advisory fees paid by the Funds, the Board also reviewed materials indicating that retail investors in the Funds received the benefit of PIMCO’s advisory services at the same advisory fee rates as institutional investors. The Board considered that the Funds’ unified fee rates had been set competitively and/or priced to scale from inception and continued to be competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing a Fund’s shareholders of the fees associated with the Fund, and that the Fund bears certain expenses that are not

covered by the advisory fee or the unified fee. The Board further considered the challenges that arise when managing large funds, which can result in certain “diseconomies” of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Funds.

The Trustees considered that the unified fee has provided inherent economies of scale because a Fund maintains competitive fixed fees over the annual contract period even if the particular Fund’s assets decline and/or operating costs rise. The Trustees also reviewed materials indicating that, unlike the Funds’ unified fee structure, funds with “pass through” administrative fee structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. The Trustees also considered that the unified fee protects shareholders from a rise in operating costs that may result from, among other things, PIMCO’s investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO’s investments in these areas are extensive.

The Board concluded that the Funds’ and the New Fund’s cost structures were reasonable and that PIMCO is appropriately sharing economies of scale, if any, through the Funds’ unified fee structure, generally pricing Funds to scale at inception and reinvesting in its business to provide enhanced and expanded services to the Funds and the New Fund and their shareholders.

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO’s relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO’s institutional investment management business due to the reputation and market penetration of the Trust or third party service providers’ relationship-level fee concessions, which decrease fees paid by PIMCO. The Board also considered that affiliates of PIMCO provide distribution and/or shareholder services to the Funds and their shareholders, for which they may be compensated through distribution and servicing fees paid pursuant to the Funds’ Rule 12b-1 plans or otherwise, such as through all or portions of the sales charges on Class A or Class C shares of the Funds, as applicable. The Board noted that, while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Funds, it has adopted a policy not to enter into contractual soft dollar arrangements.

7. CONCLUSIONS

Based on their review, including their comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services rendered to the Funds by PIMCO and Research Affiliates supported the renewal of the

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Approval of Investment Advisory Contract and Other Agreements (Cont.) (Unaudited)

Agreements. The Independent Trustees and the Board as a whole concluded that the Agreements continued to be fair and reasonable to the Funds and their shareholders, that the Funds’ shareholders received reasonable value in return for the fees paid to PIMCO by the Funds under the Agreements, the fees paid to Research Affiliates by PIMCO under the Sub-Advisory Agreement, and that the renewal of the Agreements was in the best interests of the Funds and their shareholders.

With respect to the New Fund, based on their review, including their comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of services to be rendered to the New Fund by PIMCO supported the approval of the New Fund Agreements. The Independent Trustees and the Board as a whole concluded that the New Fund Agreements were fair and reasonable to the New Fund and its shareholders and that the approval of the New Fund Agreements was in the best interest of the New Fund and its shareholders.

108 PIMCO EQUITY SERIES

General Information

Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank and Trust Company

801 Pennsylvania Avenue

Kansas City, MO 64105

Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.

Institutional Class, I-2, I-3, Administrative Class

430 W 7th Street STE 219024

Kansas City, MO 64105-1407

SS&C Global Investor & Distribution Solutions, Inc.

Class A, Class C, Class R

430 W 7th Street STE 219294

Kansas City, MO 64105-1407

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the Funds listed on the Report cover.

PES4002SAR_123122

PIMCO EQUITY SERIES^®

Semiannual Report

December 31, 2022

PIMCO RAE Emerging Markets Fund

PIMCO RAE Global ex-US Fund

PIMCO RAE International Fund

PIMCO RAE US Fund

PIMCO RAE US Small Fund

Table of Contents

	Page
Chairman’s Letter		2
Important Information About the Funds		4
Expense Examples		19
Financial Highlights		22
Statements of Assets and Liabilities		28
Statements of Operations		30
Statements of Changes in Net Assets		32
Notes to Financial Statements		56
Glossary		74
Distribution Information		75
Approval of Investment Advisory Contract and Other Agreements		77

Fund	Fund Summary		Schedule of Investments
PIMCO RAE Emerging Markets Fund		9		34
PIMCO RAE Global ex-US Fund		11		42
PIMCO RAE International Fund		13		43
PIMCO RAE US Fund		15		50
PIMCO RAE US Small Fund		17		53

This material is authorized for use only when preceded or accompanied by the current PIMCO Equity Series prospectus. The Shareholder Reports for the other series of the PIMCO Equity Series are printed separately.

Chairman’s Letter

Dear Shareholder,

2022 was a challenging year in the financial markets. We continue to work tirelessly to navigate global markets and manage the assets that you have entrusted with us. Following this letter is the PIMCO Equity Series Semiannual Report, which covers the six-month reporting period ended December 31, 2022 (the “reporting period”). On the subsequent pages, you will find details regarding investment results and a discussion of the factors that most affected performance during the reporting period.

For the six-month reporting period ended December 31, 2022

The global economy faced significant headwinds in 2022, including those related to higher inflation, the COVID-19 pandemic, and the Russia-Ukraine conflict. In the U.S., second quarter 2022, prior to the beginning of the reporting period, annualized gross domestic product (“GDP”) was -0.6%. The economy then strengthened, as third quarter annualized GDP was +3.2%. The Commerce Department’s initial estimate for fourth quarter 2022 annualized GDP — released after the reporting period ended — was 2.9%.

The Federal Reserve Board (the “Fed” or “U.S. central bank”) took actions to combat elevated inflation. In March 2022, the Fed raised the federal funds rate 0.25% to a range between 0.25% and 0.50%, its first rate hike since 2018. The U.S. central bank then raised rates at its next six meetings, for a total increase of 4.25% in 2022. At the end of the year, the federal funds rate was in a range between 4.25% and 4.50%.

Economies outside the U.S. also faced several headwinds. In its October 2022 World Economic Outlook Update, the International Monetary Fund (the “IMF”) downgraded its expectation for 2022 GDP citing “turbulent challenges” including high inflation, tightening financial conditions, as well as the ongoing Russia-Ukraine conflict and COVID-19 pandemic. For 2022, the IMF included in its projections that GDP would grow 1.6% in the U.S. (from 5.7% in 2021), 3.1% in the eurozone (from 5.2% in 2021), 3.6% in the U.K. (from 7.4% in 2021), and 1.7% in Japan (the same as in 2021).

Several central banks tightened their respective monetary policies in recent years. For example, in December 2021, prior to the beginning of the reporting period, the Bank of England (the “BoE”) raised rates for the first time since COVID-19 began. The BoE again raised rates at its next eight meetings, for a total of 3.50% in rate hikes since its first increase. The European Central Bank raised rates four times in 2022, for a total increase of 2.50%. In contrast, the Bank of Japan (the “BoJ”) maintained its loose monetary policy for most of 2022. However, in December 2022 the BoJ announced that it would allow its 10-year government bond yield to rise to 0.5% (previously limited to 0.25%). The news sent the 10-year bond yield and Japanese yen higher, as market participants interpreted the announcement to mean that the BoJ may pivot from its previous monetary stance.

During the reporting period, short- and long-term U.S. Treasury yields moved higher. The yield on the benchmark 10-year U.S. Treasury note was 3.88% on December 31, 2022, versus 2.98% on June 30, 2022. The Bloomberg Global Treasury Index (USD Hedged), which tracks fixed-rate, local currency government debt of investment grade countries, including developed and emerging markets, returned -2.97%. Meanwhile, the Bloomberg Global Aggregate Credit Index (USD Hedged), a widely used index of global investment grade credit bonds, returned -1.59%. In contrast, riskier fixed income asset classes, including high yield corporate bonds and emerging market debt, generated positive returns. The ICE BofAML Developed Markets High Yield Constrained Index (USD Hedged), a widely used index of below-investment-grade bonds, returned 3.82%, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global (USD Hedged), returned 2.93%. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned 3.33%.

Amid periods of volatility, global equities generally posted mixed results during the reporting period as economic and geopolitical concerns impacted investor sentiment. U.S. equities, as represented by the S&P 500 Index, returned 2.31%.

2 PIMCO EQUITY SERIES

Global equities, as represented by the MSCI World Index, returned 2.97%, while emerging market equities, as measured by the MSCI Emerging Markets Index, returned -2.99%. Meanwhile, Japanese equities, as represented by the Nikkei 225 Index (in Japanese yen), returned -0.06% and European equities, as represented by the MSCI Europe Index (in euro), returned 5.05%.

Commodity prices were volatile and generated mixed returns during the reporting period. Brent crude oil, which was approximately $119.78 a barrel at the start of the reporting period, fell to roughly $82.82 a barrel at the end of December 2022. In contrast, prices of other commodities, such as copper and gold, edged higher during the period.

Finally, there were also periods of volatility in the foreign exchange markets. We believe this was driven by several factors, including economic growth expectations and changing central bank monetary policies, as well as rising inflation, COVID-19 variants, and geopolitical events. The U.S. dollar was mixed against several major currencies. For example, during the reporting period, the U.S. dollar returned -2.11%, +0.78%, and -3.51% versus the euro, the British pound and the Japanese yen, respectively.

Thank you for the assets you have placed with us. We deeply value your trust, and we will continue to work diligently to meet your broad investment needs. For any questions regarding the funds, please contact your account manager or financial adviser, or call one of our shareholder associates at (888) 87-PIMCO. We also invite you to visit our website at www.pimco.com to learn more about our global.

Sincerely,     Peter G. Strelow Chairman of the Board
PIMCO Equity Series  

Past performance is no guarantee of future results. Unless otherwise noted, index returns reflect the reinvestment of income distributions and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. It is not possible to invest directly in an unmanaged index.

SEMIANNUAL REPORT | DECEMBER 31, 2022 3

Important Information About the Funds

PIMCO Equity Series (the “Trust”) is an open-end management investment company that includes PIMCO RAE Emerging Markets Fund, PIMCO RAE Global ex-US Fund, PIMCO RAE International Fund, PIMCO RAE US Fund and PIMCO RAE US Small Fund (each, a “Fund” and collectively, the “Funds”).

We believe that equity funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that equity funds are subject to notable risks. Among other things, equity and equity-related securities may decline in value due to both real and perceived general market, economic, and industry conditions.

PIMCO RAE Global ex-US Fund is a “fund of funds,” which is a term used to describe mutual funds that pursue their investment objective by investing in other mutual funds instead of investing directly in stocks or bonds of other issuers. Under normal circumstances, the PIMCO RAE Global ex-US Fund invests substantially all of its assets in Institutional Class shares of the International Fund and Emerging Markets Fund, equity securities of small companies economically tied to non-U.S. countries, and securities that are eligible investments for the International Fund and Emerging Markets Fund. The PIMCO RAE Global ex-US Fund may invest in other affiliated funds and unaffiliated funds, which may or may not be registered under the Investment Company Act of 1940 (together with the Underlying Funds, “Acquired Funds”). The cost of investing in these Funds will generally be higher than the cost of investing in a mutual fund that invests directly in individual stocks and bonds.

The values of equity securities, such as common stocks and preferred securities, have historically risen and fallen in periodic cycles and may decline due to general market conditions, which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. Equity securities may also decline due to factors that affect a particular industry or industries, such as labor shortages, increased production costs and competitive conditions within an industry. In addition, the value of an equity security may decline for a number of reasons that directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets. Different types of equity securities may react differently to these developments and a change in the financial condition of a single issuer may affect securities markets as a whole.

During a general downturn in the securities markets, multiple asset classes, including equity securities, may decline in value simultaneously. The market price of equity securities owned by a Fund may go up or

down, sometimes rapidly or unpredictably. Equity securities generally have greater price volatility than fixed income securities and common stocks generally have the greatest appreciation and depreciation potential of all corporate securities.

The Funds may be subject to various risks as described in each Fund’s prospectus and in the Principal and Other Risks in the Notes to Financial Statements.

Classifications of the Funds’ portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Allocation Breakdown and Schedule of Investments sections of this report may differ from the classification used for the Funds’ compliance calculations, including those used in the Funds’ prospectus, investment objectives, regulatory, and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. Each Fund is separately monitored for compliance with respect to prospectus and regulatory requirements.

The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security’s country of incorporation may be different from its country of economic exposure.

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. In 2022, many countries lifted some or all restrictions related to COVID-19. However, the effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Funds’ performance. In addition, COVID-19 and governmental responses to COVID-19 may negatively impact the capabilities of the Funds’ service providers and disrupt the Funds’ operations.

The United States’ enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities (and/or portfolio securities of Underlying Funds or Acquired Funds, as applicable). The United States’ enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government’s response, may also negatively impact securities and instruments that are economically tied to Russia.

4 PIMCO EQUITY SERIES

The United Kingdom’s withdrawal from the European Union may impact Fund returns. The withdrawal may cause substantial volatility in foreign exchange markets, lead to weakness in the exchange rate of the British pound, result in a sustained period of market uncertainty, and destabilize some or all of the other European Union member countries and/or the Eurozone.

A Fund may invest in certain instruments that rely in some fashion upon the London Interbank Offered Rate (“LIBOR”). LIBOR is an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, has announced plans to ultimately phase out the use of LIBOR. There remains uncertainty regarding future utilization of LIBOR and the nature of any replacement rate (e.g., the Secured Overnight Financing Rate, which is intended to replace U.S. dollar LIBOR and measures the cost of overnight borrowings through repurchase agreement transactions collateralized with U.S. Treasury securities). Any potential effects of the transition away from LIBOR on a Fund or on certain instruments in which a Fund invests can be difficult to ascertain, and they may vary depending on a variety of factors. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to a Fund

A Fund may invest in securities and instruments that are economically tied to Russia. Investments in Russia are subject to various risks such as, but not limited to political, economic, legal, market and currency risks. The risks include uncertain political and economic policies, short-term market volatility, poor accounting standards, corruption and crime, an inadequate regulatory system, regional armed conflict and unpredictable taxation. Investments in Russia are particularly subject to the risk that further economic sanctions and other similar measures may be imposed by the United States and/or other countries. Other similar measures may include, but are not limited to, banning Russia or certain persons or entities associated with Russia from global payment systems that facilitate cross-border payments, restricting the settlement of securities transactions by certain investors, and freezing Russian assets or those of particular countries, entities or persons with ties to Russia. Such sanctions and other similar measures — which may impact companies in many sectors, including energy, financial services and defense, among others — may negatively impact a Fund’s performance and/or ability to achieve its investment objective. For example, certain investments may be prohibited and/or existing investments may become illiquid (e.g., in the event that transacting in certain existing investments is prohibited, securities markets close, or market participants cease transacting in certain investments in light of geopolitical events, sanctions or related considerations), which could render any such securities held by a Fund unmarketable for an indefinite period of time and/or cause the Fund to sell other portfolio holdings at a disadvantageous time or price in order to meet

shareholder redemptions. In addition, such sanctions or other similar measures, and the Russian government’s response, could result in a downgrade of Russia’s credit rating or of securities of issuers located in or economically tied to Russia, devaluation of Russia’s currency and/or increased volatility with respect to Russian securities and the ruble. Moreover, disruptions caused by Russian military action or other actions (including cyberattacks, espionage or other asymmetric measures) or resulting actual or threatened responses to such activity may impact Russia’s economy and Russian issuers of securities in which a Fund invests. Such resulting actual or threatened responses may include, but are not limited to, purchasing, selling and financing restrictions, withdrawal of financial intermediaries, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks on the Russian government, Russian companies or Russian individuals, including politicians. Sanctions and other similar measures have resulted in defaults on debt obligations by certain corporate issuers and the Russian Federation that could lead to cross-defaults or cross-accelerations on other obligations of these issuers. Default by the Russian Federation on its sovereign debt will have implications to credit default swaps in relation to the Russian Federation. A Fund’s ability to participate in any resulting credit default swap auction or physical settlement process may be limited by, among other things, sanctions or other similar measures. The Russian securities market is characterized by limited volume of trading, resulting in difficulty in obtaining accurate prices and trading. These issues can be magnified as a result of sanctions and other similar measures that may be imposed and the Russian government’s response. The Russian securities market, as compared to U.S. markets, has significant price volatility, less liquidity, a smaller market capitalization and a smaller number of traded securities. There may be little publicly available information about issuers. Settlement, clearing and registration of securities transactions are subject to risks. Prior to the implementation of the National Settlement Depository (“NSD”), a recognized central securities depository, there was no central registration system for equity share registration in Russia, and registration was carried out by either the issuers themselves or by registrars located throughout Russia. Title to Russian equities held through the NSD is now based on the records of the NSD and not the registrars. Although the implementation of the NSD has enhanced the efficiency and transparency of the Russian securities market, issues resulting in loss can still occur. Ownership of securities issued by Russian companies that are not held through depositories such as the NSD may be recorded by companies themselves and by registrars. In such cases, the risk is increased that a Fund could lose ownership rights through fraud, negligence or oversight. While applicable Russian regulations impose liability on registrars for losses resulting from their errors, it may be difficult for a Fund to enforce any rights it may have against the registrar or issuer of the securities in the event of loss of share registration. In addition, issuers and registrars are still prominent in the validation and approval

SEMIANNUAL REPORT | DECEMBER 31, 2022 5

Important Information About the Funds (Cont.)

of documentation requirements for corporate action processing in Russia. Because the documentation requirements and approval criteria vary between registrars and issuers, there remain unclear and inconsistent market standards in the Russian market with respect to the completion and submission of corporate action elections. To the extent that a Fund suffers a loss relating to title or corporate actions relating

to its portfolio securities, it may be difficult for the Fund to enforce its rights or otherwise remedy the loss. Russian securities laws may not recognize foreign nominee accounts held with a custodian bank, and therefore the custodian may be considered the ultimate owner of securities they hold for their clients. Adverse currency exchange rates are a risk and there may be a lack of available currency hedging instruments. Investments in Russia may be subject to the risk of nationalization or expropriation of assets. Oil, natural gas, metals, and timber account for a significant portion of Russia’s exports, leaving the country vulnerable to swings in world prices, and to sanctions or other actions that may be directed at the Russian economy as a whole or at Russian oil, natural gas, metals or timber industries.

Foreign investors also face a high degree of currency risk when investing in Russian securities and a lack of available currency hedging instruments. In addition, there is the risk that the Russian government may impose capital controls on foreign portfolio investments in the event of extreme financial or political crisis. Such capital controls may prevent the sale of a portfolio of foreign assets and the repatriation of investment income and capital.

On each individual Fund Summary page in this Shareholder Report, the Average Annual Total Return table and Cumulative Returns chart measure performance assuming that any dividend and capital gain distributions were reinvested. Returns do not reflect the deduction of taxes that a shareholder would pay on (i) Fund distributions or (ii) the redemption of Fund shares. The Cumulative Returns chart and Average

Annual Total Return table reflect any sales load that would have applied at the time of purchase or any Contingent Deferred Sales Charge (“CDSC”) that would have applied if a full redemption occurred on the last business day of the period shown in the Cumulative Returns chart. Class A shares are subject to an initial sales charge. A CDSC may be imposed in certain circumstances on Class A shares that are purchased without an initial sales charge and then redeemed during the first 12 months after purchase. The Cumulative Returns chart reflects only Institutional Class performance. Performance may vary by share class based on each class’s expense ratios. Performance shown is net of fees and expenses. The minimum initial investment amount for Institutional Class, I-2 and I-3 shares is $1,000,000. The minimum initial investment amount for Class A shares is $1,000. Each Fund measures its performance against at least one broad-based securities market index (“benchmark index”). The benchmark index does not take into account fees, expenses, or taxes. A Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. There is no assurance that any Fund, including any Fund that has experienced high or unusual performance for one or more periods, will experience similar levels of performance in the future. High performance is defined as a significant increase in either 1) a Fund’s total return in excess of that of the Fund’s benchmark between reporting periods or 2) a Fund’s total return in excess of the Fund’s historical returns between reporting periods. Unusual performance is defined as a significant change in a Fund’s performance as compared to one or more previous reporting periods. Historical performance for a Fund or share class may have been positively impacted by fee waivers or expense limitations in place during some or all of the periods shown, if applicable. Future performance (including total return or yield) and distributions may be negatively impacted by the expiration or reduction of any such fee waivers or expense limitations.

The following table discloses the inception dates of each Fund and its respective share classes along with the Fund’s diversification status as of period end:

Fund Name

Fund Inception

Institutional Class

I-2

I-3

Class A

Diversification Status

PIMCO RAE Emerging Markets Fund

06/05/15

06/05/15

06/05/15

—

06/05/15

Diversified

PIMCO RAE Global ex-US Fund

06/05/15

06/05/15

06/05/15

—

06/05/15

Diversified

PIMCO RAE International Fund

06/05/15

06/05/15

06/05/15

—

06/05/15

Diversified

PIMCO RAE US Fund

06/05/15

06/05/15

06/05/15

—

06/05/15

Diversified

PIMCO RAE US Small Fund

06/05/15

06/05/15

06/05/15

—

06/05/15

Diversified

An investment in a Fund is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in a Fund.

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service

agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize

service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Funds. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither a Fund’s prospectus nor a Fund’s summary prospectus, the Trust’s Statement of Additional Information (“SAI”),

6 PIMCO EQUITY SERIES

any contracts filed as exhibits to the Trust’s registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or a Fund creates a contract between or among any shareholder of a Fund, on the one hand, and the Trust, a Fund, a service provider to the Trust or a Fund, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to a Fund or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or a Fund is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to any Fund, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust’s then-current prospectus or SAI.

PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of a Fund. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of a Fund, and information about how the Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30th, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO, on the Fund’s website at www.pimco.com, and on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.

The Funds file portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Funds’ complete schedule of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC’s website at www.sec.gov and on PIMCO’s website at www.pimco.com, and will be made available, upon request, by calling PIMCO at (888) 87-PIMCO.

SEC rules allow the Funds to fulfill their obligation to deliver shareholder reports to investors by providing access to such reports online free of charge and by mailing a notice that the report is electronically available. Investors may elect to receive all future reports in paper free of charge by contacting their financial intermediary or, if invested directly with the Fund, investors can inform the Fund by calling (888) 87-PIMCO. Any election to receive reports in paper will apply to all funds held with the fund complex if invested directly with the Fund or to all funds held in the investor’s account if invested through a financial intermediary.

In October 2020, the SEC adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, the rule requires funds that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. These requirements may limit the ability of the Funds to use derivatives and reverse repurchase agreements and similar financing transactions as part of their investment strategies and may increase the cost of the Funds’ investments and cost of doing business, which could adversely affect investors. The rule went into effect on February 19, 2021. The compliance date for the new rule and related reporting requirements was August 19, 2022.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines “readily available market quotations” for purposes of the definition of “value” under the Investment Company Act of 1940 (the “Act”), and the SEC noted that this definition will apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022.

In May 2022, the SEC proposed amendments to a current rule governing fund naming conventions. In general, the current rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The proposed amendments would expand the scope of the current rule in a number of ways that would result in an expansion of the types of fund names that would require the fund to adopt an 80% investment policy under the rule. Additionally, the proposed amendments would modify the circumstances under which a fund may deviate from its 80% investment policy and address the use and valuation of derivatives instruments for purposes of the rule. The proposal’s impact on the Funds will not be known unless and until any final rulemaking is adopted.

In May 2022, the SEC proposed a framework that would require certain registered funds (such as the Funds) to disclose their environmental, social, and governance (“ESG”) investing practices. Among other things, the proposed requirements would mandate that funds meeting three pre-defined classifications (i.e., integrated, ESG focused and/or impact funds) provide prospectus and shareholder report disclosure related to the ESG factors, criteria and processes used in managing the

SEMIANNUAL REPORT | DECEMBER 31, 2022 7

Important Information About the Funds (Cont.)

fund. The proposal’s impact on the Funds will not be known unless and until any final rulemaking is adopted.

In October 2022, the SEC adopted changes to the mutual fund and exchange-traded fund (“ETF”) shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will impact the disclosures provided to shareholders. The rule amendments are effective as of January 24, 2023, but the SEC is providing an 18-month compliance period following the effective date for such amendments other than those addressing fee and expense information in advertisements that might be materially misleading.

In November 2022, the SEC proposed rule amendments which, among other things, would require funds to adopt swing pricing in order to mitigate dilution of shareholders’ interests in a fund by requiring the adjustment of fund net asset value per share to pass on costs stemming from shareholder purchase or redemption activity. In addition the proposed rule would amend the liquidity rule framework. The proposal’s impact on the Portfolio will not be known unless and until any final rulemaking is adopted.

In November 2022, the SEC adopted amendments to Form N-PX under the Act to improve the utility to investors of proxy voting information reported by mutual funds, ETFs and certain other funds. The rule amendments will expand the scope of funds’ Form N-PX reporting obligations, subject managers to Form N-PX reporting obligations for “Say on Pay” votes, enhance Form N-PX disclosures, permit joint reporting by funds, managers and affiliated managers on Form N-PX; and require website availability of fund proxy voting records. The amendments will become effective on July 1, 2024. Funds and managers will be required to file their first reports covering the period from July 1, 2023 to June 30, 2024 on amended Form N-PX by August 31, 2024.

8 PIMCO EQUITY SERIES

PIMCO RAE Emerging Markets Fund

Cumulative Returns Through December 31, 2022

$1,000,000 invested at the end of the month when the Fund’s Institutional Class commenced operations.

Investment Objective and Strategy Overview

PIMCO RAE Emerging Markets Fund seeks long-term capital appreciation by investing under normal circumstances at least 80% of its assets in investments that are economically tied to emerging market countries. Specifically, under normal circumstances, the Fund will obtain exposure to a portfolio of stocks economically tied to emerging market countries (“RAE Emerging Markets Portfolio”) through investment in the securities that comprise the RAE Emerging Markets Portfolio. The stocks are selected by the Fund’s sub-adviser, Research Affiliates, LLC, from a broad universe of companies which satisfy certain liquidity and capacity requirements. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended December 31, 2022**
		6 Months*		1 Year		5 Years		10 Years		Fund Inception (05/31/06)
	PIMCO RAE Emerging Markets Fund Institutional Class		7.47%		(10.44)%		0.79%		2.52%		5.37%
	PIMCO RAE Emerging Markets Fund I-2		7.46%		(10.53)%		0.69%		2.44%		5.32%
	PIMCO RAE Emerging Markets Fund Class A		7.32%		(10.74)%		0.44%		2.27%		5.22%
	PIMCO RAE Emerging Markets Fund Class A (adjusted)		3.28%		(14.10)%		(0.33)%		1.88%		4.98%
	MSCI Emerging Markets Value Index±		(2.26)%		(15.83)%		(1.59)%		0.06%		3.41%
	MSCI Emerging Markets Index±±ª		(2.99)%		(20.09)%		(1.40)%		1.44%		3.91%

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

* Cumulative return.

^ª Prior to 2/28/2019, the fund’s primary benchmark was the MSCI Emerging Markets Index.

^± The MSCI Emerging Markets Value Index captures large and mid-cap securities exhibiting overall value style characteristics across a group of emerging markets countries. The value investment style characteristics for index construction of the MSCI Emerging Markets Value Index are defined using three variables: book value to price, 12-month forward earnings to price and dividend yield.

^±± The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.

It is not possible to invest directly in an unmanaged index.

** For periods prior to June 5, 2015, the Fund’s performance reflects the performance when the Fund was a partnership, net of actual fees and expenses charged to individual partnership accounts in the aggregate. If the performance had been restated to reflect the applicable fees and expenses of each share class, the performance may have been higher or lower. The Fund began operations as a partnership on May 31, 2006 and, on June 5, 2015, was reorganized into a newly-formed fund that was registered as an investment company under the Investment Company Act of 1940. Prior to the reorganization, the Fund had an investment objective, investment strategies, investment guidelines, and restrictions that were substantially similar to those currently applicable to the Fund; however, the Fund was not registered as an investment company under the Investment Company Act of 1940 and was not subject to its requirements or requirements imposed by the Internal Revenue Code of 1986 which, if applicable, may have adversely affected its performance. The performance of each class of shares will differ as a result of the different levels of fees and expenses applicable to each class of shares.

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The adjusted returns take into account the maximum sales charge of 3.75% on Class A shares. For performance data current to the most recent month-end, visit www.pimco.com or via (888) 87-PIMCO.

The Fund’s total annual operating expense ratio in effect as of period end were 0.77% for Institutional Class shares, 0.87% for I-2 shares and 1.12% for Class A shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

SEMIANNUAL REPORT | DECEMBER 31, 2022 9

Institutional Class - PEIFX I-2 -  PEPFX Class A -  PEAFX

Geographic Breakdown as of December 31, 2022^†§

China	20.7%
South Korea	14.4%
India	13.2%
Thailand	8.5%
Taiwan	8.0%
Turkey	6.4%
South Africa	6.1%
Brazil	5.7%
Indonesia	4.1%
Mexico	4.0%
Short-Term Instruments	2.0%
Hong Kong	2.0%
Malaysia	1.8%
Other	3.1%

^† % of Investments, at value.

^§ Geographic Breakdown and % of Investments exclude securities sold short, financial derivative instruments, if any.

Fund Insights

The following affected performance (on a gross basis) during the reporting period:

» Overweight exposure to, and security selection in, the financials sector contributed to relative returns, as the sector and the Fund’s holdings outperformed the benchmark index.

» Underweight exposure to, and security selection in, the consumer discretionary sector contributed to relative returns, as the sector underperformed the benchmark index and the Fund’s holdings outperformed the benchmark index.

» Underweight exposure to, and security selection in, the information technology sector contributed to relative returns, as the sector underperformed the benchmark index and the Fund’s holdings outperformed the benchmark index.

» Security selection in the materials sector detracted from relative returns, as the detraction from the Fund’s return was larger than the detraction from the benchmark return.

» Security selection in the health care sector detracted from relative returns, as the detraction from the Fund’s return was larger than the detraction from the benchmark return.

» Security selection in the consumer staples sector detracted from relative returns, as the detraction from the Fund’s return was larger than the detraction from the benchmark return.

10 PIMCO EQUITY SERIES

PIMCO RAE Global ex-US Fund

Cumulative Returns Through December 31, 2022

$1,000,000 invested at the end of the month when the Fund’s Institutional Class commenced operations.

Investment Objective and Strategy Overview

PIMCO RAE Global ex-US Fund seeks long-term capital appreciation by investing, under normal circumstances substantially all of its assets in (i) Institutional Class shares of the PIMCO RAE International Fund (“International Fund”) and the PIMCO RAE Emerging Markets Fund (“Emerging Markets Fund”) (together, the International Fund and the Emerging Markets Fund are referred to as the “Underlying Funds”), and (ii) securities that are eligible investments for the Underlying Funds. Under normal circumstances, each of the Underlying Funds obtains exposure to a portfolio of stocks (each, a “RAE Portfolio”) through investment in the securities that comprise the RAE Portfolio. The stocks are selected by the Fund’s sub-adviser, Research Affiliates, LLC, from a broad universe of companies which satisfy certain liquidity and capacity requirements. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended December 31, 2022
		6 Months*		1 Year		5 Years		Fund Inception (06/05/15)
	PIMCO RAE Global ex-US Fund Institutional Class		5.24%		(9.14)%		0.44%		2.97%
	PIMCO RAE Global ex-US Fund I-2		5.19%		(9.16)%		0.40%		2.90%
	PIMCO RAE Global ex-US Fund Class A		5.08%		(9.42)%		0.10%		2.63%
	PIMCO RAE Global ex-US Fund Class A (adjusted)		1.10%		(12.82)%		(0.67)%		2.11%
	MSCI All Country World ex US Value Index±		3.63%		(8.59)%		(0.05)%		1.89%
	MSCI All Country World ex US Index±±ª		2.96%		(16.00)%		0.88%		2.94%

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

* Cumulative return.

^ª Prior to 2/28/2019, the fund’s primary benchmark was the MSCI All Country World ex US Index.

^± The MSCI All Country World ex US Value Index captures large and mid-cap securities exhibiting overall value style characteristics across a group of developed and emerging markets countries. The value investment style characteristics for index construction of the MSCI All Country World ex US Value Index are defined using three variables: book value to price, 12-month forward earnings to price and dividend yield.

^±± The MSCI All Country World ex US Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The Index consists of a group of country indices comprising developed and emerging market country indices.

It is not possible to invest directly in an unmanaged index.

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The adjusted returns take into account the maximum sales charge of 3.75% on Class A shares. For performance data current to the most recent month-end, visit www.pimco.com or via (888) 87-PIMCO.

The Fund’s total annual operating expense ratio in effect as of period end, which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund expenses) were 1.13% for Institutional Class shares, 1.23% for I-2 shares and 1.48% for Class A shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

SEMIANNUAL REPORT | DECEMBER 31, 2022 11

Institutional Class - PZRIX I-2 -  PZRPX Class A - PZRAX

Top Holdings as of December 31, 2022^†§

PIMCO RAE International Fund	77.3%
PIMCO RAE Emerging Markets Fund	22.7%

^† % of Investments, at value.

^§ Top Holdings and % of Investments exclude securities sold short, financial derivative instruments and short-term instruments, if any.

Fund Insights

The following affected performance (on a gross basis) during the reporting period:

» Security selection in the consumer discretionary sector contributed to relative returns, as the Fund’s holdings outperformed the benchmark index.

» Overweight exposure to the materials sector contributed to relative returns, as the sector outperformed the benchmark index.

» Security selection in the real estate sector contributed to relative returns, as the Fund’s holdings outperformed the benchmark index.

» Overweight exposure to, and security selection in, the communication services sector detracted from relative returns, as the sector and the Fund’s holdings underperformed the benchmark index.

» Underweight exposure to the energy sector detracted from relative returns, as the sector outperformed the benchmark index.

» There were no other material detractors for this Fund.

12 PIMCO EQUITY SERIES

PIMCO RAE International Fund

Cumulative Returns Through December 31, 2022

$1,000,000 invested at the end of the month when the Fund’s Institutional Class commenced operations.

Investment Objective and Strategy Overview

PIMCO RAE International Fund seeks long-term capital appreciation under normal circumstances by obtaining exposure to a portfolio of stocks economically tied to at least three foreign (non-U.S.) countries (“RAE International Portfolio”) through investment in the securities that comprise the RAE International Portfolio. The stocks are selected by the Fund’s sub-adviser, Research Affiliates, from a broad universe of companies which satisfy certain liquidity and capacity requirements. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended December 31, 2022
		6 Months*		1 Year		5 Years		Fund Inception (06/05/15)
	PIMCO RAE International Fund Institutional Class		4.54%		(8.65)%		0.41%		2.72%
	PIMCO RAE International Fund I-2		4.50%		(8.74)%		0.30%		2.63%
	PIMCO RAE International Fund Class A		4.28%		(9.01)%		0.04%		2.36%
	PIMCO RAE International Fund Class A (adjusted)		0.34%		(12.43)%		(0.71)%		1.84%
	MSCI EAFE Value Index±		7.43%		(5.58)%		0.17%		1.84%
	MSCI EAFE Index±±ª		6.36%		(14.45)%		1.54%		3.17%

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

* Cumulative return.

^ª Prior to 2/28/2019, the fund’s primary benchmark was the MSCI EAFE Index.

^± The MSCI EAFE Value Index captures large and mid-cap securities exhibiting overall value style characteristics across developed markets countries around the world, excluding the US and Canada. The value investment style characteristics for index construction of the MSCI EAFE Value Index are defined using three variables: book value to price, 12-month forward earnings to price and dividend yield.

^±± MSCI EAFE Index is an unmanaged index designed to represent the performance of large and mid-cap securities across a group of developed markets, including countries in Europe, Australasia and the Far East, excluding the U.S. and Canada.

It is not possible to invest directly in an unmanaged index.

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The adjusted returns take into account the maximum sales charge of 3.75% on Class A shares. For performance data current to the most recent month-end, visit www.pimco.com or via (888) 87-PIMCO.

The Fund’s total annual operating expense ratio in effect as of period end were 0.52% for Institutional Class shares, 0.62% for I-2 shares and 0.87% for Class A shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

SEMIANNUAL REPORT | DECEMBER 31, 2022 13

Institutional Class - PPYIX I-2 -  PPYPX Class A -  PPYAX

Geographic Breakdown as of December 31, 2022^†§

Japan	30.4%
United Kingdom	12.6%
Spain	7.9%
Netherlands	5.6%
Canada	5.4%
Australia	5.3%
Italy	4.8%
Germany	3.9%
France	3.8%
Switzerland	3.5%
Short-Term Instruments	3.4%
Hong Kong	2.9%
Finland	2.3%
Israel	1.9%
Sweden	1.7%
Portugal	1.2%
Other	3.4%

^† % of Investments, at value.

^§ Geographic Breakdown and % of Investments exclude securities sold short, financial derivative instruments, if any.

Fund Insights

The following affected performance (on a gross basis) during the reporting period:

» Underweight exposure to the health care sector contributed to relative returns, as the sector underperformed the benchmark index.

» Underweight exposure to, and security selection in, the real estate sector contributed to relative returns, as the sector underperformed the benchmark index and the Fund’s holdings outperformed the benchmark index.

» Security selection in the consumer discretionary sector contributed to relative returns, as the Fund’s holdings outperformed the benchmark index.

» Underweight exposure to, and security selection in, the financials sector detracted from relative returns, as the sector outperformed the benchmark index and the Fund’s holdings underperformed the benchmark index.

» Overweight exposure to, and security selection in, the communication services sector detracted from relative returns, as the sector and the Fund’s holdings underperformed the benchmark index.

» Underweight exposure to, and security selection in, the materials sector detracted from relative returns, as the sector outperformed the benchmark index and the Fund’s holdings underperformed the benchmark index.

14 PIMCO EQUITY SERIES

PIMCO RAE US Fund

Cumulative Returns Through December 31, 2022

$1,000,000 invested at the end of the month when the Fund’s Institutional Class commenced operations.

Investment Objective and Strategy Overview

PIMCO RAE US Fund seeks long-term capital appreciation by investing under normal circumstances at least 80% of its assets in securities of companies economically tied to the United States (“U.S. companies”). Specifically, under normal circumstances, the Fund will obtain exposure to a portfolio of stocks of U.S. companies (“RAE US Portfolio”) through investment in the securities that comprise the RAE US Portfolio. The stocks are selected by the Fund’s sub-adviser, Research Affiliates, LLC, from a broad universe of companies which satisfy certain liquidity and capacity requirements. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended December 31, 2022**
		6 Months*		1 Year		5 Years		10 Years		Fund Inception (12/22/04)
	PIMCO RAE US Fund Institutional Class		10.61%		(3.38)%		8.30%		11.48%		8.51%
	PIMCO RAE US Fund I-2		10.56%		(3.44)%		8.19%		11.40%		8.47%
	PIMCO RAE US Fund Class A		10.36%		(3.76)%		7.85%		11.13%		8.33%
	PIMCO RAE US Fund Class A (adjusted)		6.21%		(7.34)%		7.03%		10.71%		8.11%
	Russell 1000® Value Index±		6.10%		(7.54)%		6.67%		10.29%		7.34%¨
	S&P 500 Index±±ª		2.31%		(18.11)%		9.42%		12.56%		8.77%¨

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

^¨ Average annual total return since 12/31/2004.

* Cumulative return.

^ª Prior to 2/28/2019, the fund’s primary benchmark was the S&P 500 Index.

^± The Russell 1000^® Value Index measures the performance of large and midcapitalization value sectors of the U.S. equity market, as defined by FTSE Russell. The Russell 1000^® Value Index is a subset of the Russell 1000^® Index, which measures the performance of the large and mid-capitalization sector of the U.S. equity market.

^±± S&P 500 Index is an unmanaged market index generally considered representative of the stock market as a whole. The Index focuses on the large-cap segment of the U.S. equities market.

It is not possible to invest directly in an unmanaged index.

** For periods prior to June 5, 2015, the Fund’s performance reflects the performance when the Fund was a partnership, net of actual fees and expenses charged to individual partnership accounts in the aggregate. If the performance had been restated to reflect the applicable fees and expenses of each share class, the performance may have been higher or lower. The Fund began operations as a partnership on December 22, 2004 and, on June 5, 2015, was reorganized into a newly-formed fund that was registered as an investment company under the Investment Company Act of 1940. Prior to the reorganization, the Fund had an investment objective, investment strategies, investment guidelines, and restrictions that were substantially similar to those currently applicable to the Fund; however, the Fund was not registered as an investment company under the Investment Company Act of 1940 and was not subject to its requirements or requirements imposed by the Internal Revenue Code of 1986 which, if applicable, may have adversely affected its performance. The performance of each class of shares will differ as a result of the different levels of fees and expenses applicable to each class of shares.

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The adjusted returns take into account the maximum sales charge of 3.75% on Class A shares. For performance data current to the most recent month-end, visit www.pimco.com or via (888) 87-PIMCO.

The Fund’s total annual operating expense ratio in effect as of period end were 0.41% for Institutional Class shares, 0.51% for I-2 shares and 0.81% for Class A shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

SEMIANNUAL REPORT | DECEMBER 31, 2022 15

Institutional Class - PKAIX I-2 -  PKAPX Class A -  PKAAX

Sector Breakdown as of December 31, 2022^†§

Health Care	23.1%
Information Technology	20.1%
Energy	19.6%
Consumer Staples	9.0%
Financials	8.2%
Utilities	6.0%
Consumer Discretionary	5.8%
Industrials	3.6%
Communication Services	2.0%
Real Estate	1.2%
Materials	0.7%
Short-Term Instruments	0.7%

^† % of Investments, at value.

^§ Sector Breakdown and % of Investments exclude securities sold short and financial derivative instruments, if any.

Fund Insights

The following affected performance (on a gross basis) during the reporting period:

» Overweight exposure to, and security selection in, the energy sector contributed to relative returns, as the sector and the Fund’s holdings outperformed the benchmark index.

» Security selection in the health care sector contributed to relative returns, as the Fund’s holdings outperformed the benchmark index.

» Underweight exposure to the communication services sector contributed to relative returns, as the sector underperformed the benchmark index.

» Overweight exposure to the information technology sector detracted from relative returns, as the sector underperformed the benchmark index.

» Security selection in the consumer discretionary sector detracted from relative returns, as the Fund’s holdings underperformed the benchmark index.

» Underweight exposure to the industrials sector detracted from relative returns, as the sector outperformed the benchmark index.

16 PIMCO EQUITY SERIES

PIMCO RAE US Small Fund

Cumulative Returns Through December 31, 2022

$1,000,000 invested at the end of the month when the Fund’s Institutional Class commenced operations.

Investment Objective and Strategy Overview

PIMCO RAE US Small Fund seeks long-term capital appreciation by investing under normal circumstances at least 80% of its assets in securities of small companies economically tied to the United States (“U.S. companies”). Specifically, under normal circumstances, the Fund will obtain exposure to a portfolio of stocks of small U.S. companies (“RAE US Small Portfolio”) through investment in the securities that comprise the RAE US Small Portfolio. The stocks are selected by the Fund’s sub-adviser, Research Affiliates, LLC, from a broad universe of companies which satisfy certain liquidity and capacity requirements. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended December 31, 2022**
		6 Months*		1 Year		5 Years		10 Years		Fund Inception (09/29/05)
	PIMCO RAE US Small Fund Institutional Class		7.92%		(4.64)%		8.72%		11.39%		8.82%
	PIMCO RAE US Small Fund I-2		7.86%		(4.62)%		8.64%		11.30%		8.77%
	PIMCO RAE US Small Fund Class A		7.60%		(5.09)%		8.28%		11.04%		8.62%
	PIMCO RAE US Small Fund Class A (adjusted)		3.59%		(8.62)%		7.45%		10.62%		8.38%
	Russell 2000® Value Index±		3.42%		(14.48)%		4.13%		8.48%		6.61%
	Russell 2000® Index±±ª		3.91%		(20.44)%		4.13%		9.01%		7.21%¨

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

^¨Average annual total return since 9/30/2005.

* Cumulative return.

^ª Prior to 2/28/2019, the fund’s primary benchmark was the Russell 2000^® Index.

^± The Russell 2000^® Value Index measures the performance of the small-capitalization value sector of the U.S. equity market, as defined by FTSE Russell. The Russell 2000^® Value Index is a subset of the Russell 2000^® Index.

^±± Russell 2000^® Index is composed of 2,000 of the smallest companies in the Russell 3000 Index and is considered to be representative of the small cap market in general.

It is not possible to invest directly in an unmanaged index.

** For periods prior to June 5, 2015, the Fund’s performance reflects the performance when the Fund was a partnership, net of actual fees and expenses charged to individual partnership accounts in the aggregate. If the performance had been restated to reflect the applicable fees and expenses of each share class, the performance may have been higher or lower. The Fund began operations as a partnership on September 29, 2005 and, on June 5, 2015, was reorganized into a newly-formed fund that was registered as an investment company under the Investment Company Act of 1940. Prior to the reorganization, the Fund had an investment objective, investment strategies, investment guidelines, and restrictions that were substantially similar to those currently applicable to the Fund; however, the Fund was not registered as an investment company under the Investment Company Act of 1940 and was not subject to its requirements or requirements imposed by the Internal Revenue Code of 1986 which, if applicable, may have adversely affected its performance. The performance of each class of shares will differ as a result of the different levels of fees and expenses applicable to each class of shares.

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The adjusted returns take into account the maximum sales charge of 3.75% on Class A shares. For performance data current to the most recent month-end, visit www.pimco.com or via (888) 87-PIMCO.

The Fund’s total annual operating expense ratio in effect as of period end, which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund expenses) were 0.51% for Institutional Class shares, 0.61% for I-2 shares and 0.91% for Class A shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

SEMIANNUAL REPORT | DECEMBER 31, 2022 17

Institutional Class - PMJIX I-2 -  PMJPX Class A -  PMJAX

Sector Breakdown as of December 31, 2022^†§

Energy	17.7	%
Consumer Discretionary	16.5	%
Real Estate	10.8	%
Industrials	10.1	%
Information Technology	9.6	%
Financials	9.1	%
Health Care	8.5	%
Consumer Staples	5.8	%
Materials	5.4	%
Utilities	4.1	%
Communication Services	1.3	%
Short-Term Instruments	1.1	%

^† % of Investments, at value.

^§ Sector Breakdown and % of Investments exclude securities sold short, financial derivative instruments if any.

Fund Insights

The following affected performance (on a gross basis) during the reporting period:

» Overweight exposure to, and security selection in, the energy sector contributed to relative returns, as the sector and the Fund’s holdings outperformed the benchmark index.

» Overweight exposure to, and security selection in, the consumer discretionary sector contributed to relative returns, as the sector and the Fund’s holdings outperformed the benchmark index.

» Security selection in the information technology sector contributed to relative returns, as the Fund’s holdings outperformed the benchmark index.

» Underweight exposure to, and security selection in, the financials sector detracted from relative returns, as the sector outperformed the benchmark index and the Fund’s holdings underperformed the benchmark index.

» Overweight exposure to, and security selection in, the real estate sector detracted from relative returns, as the sector and the Fund’s holdings underperformed the benchmark index.

» Security selection in the health care sector detracted from relative returns, as the Fund’s holdings underperformed the benchmark index.

18 PIMCO EQUITY SERIES

Expense Examples

Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and exchange fees and (2) ongoing costs, including investment advisory fees, supervisory and administrative fees, distribution and/or service (12b-1) fees, and other Fund expenses. The Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which for all Funds and share classes is from July 1, 2022 to December 31, 2022 unless noted otherwise in the table and footnotes below.

Actual Expenses

The information in the table under the heading “Actual” provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60), then multiply the result by the number in the appropriate row for your share class, in the column entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) on purchase payments and exchange fees. Therefore, the information under the heading “Hypothetical (5% return before expenses)” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Expense ratios may vary from period to period because of various factors such as an increase in expenses that are not covered by the investment advisory fees and supervisory and administrative fees, such as fees and expenses of the independent trustees and their counsel, extraordinary expenses and interest expense.

	Actual						Hypothetical (5% return before expenses)
	Beginning Account Value (07/01/22)		Ending Account Value (12/31/22)		Expenses Paid During Period*		Beginning Account Value (07/01/22)		Ending Account Value (12/31/22)		Expenses Paid During Period*		Net Annualized Expense Ratio**
PIMCO RAE Emerging Markets Fund
Institutional Class	$	1,000.00	$	1,074.70	$	4.07	$	1,000.00	$	1,021.56	$	3.97		0.77	%
I-2		1,000.00		1,074.60		4.60		1,000.00		1,021.05		4.48		0.87
Class A		1,000.00		1,073.20		5.92		1,000.00		1,019.77		5.76		1.12
PIMCO RAE Global ex-US Fund
Institutional Class	$	1,000.00	$	1,052.40	$	0.00	$	1,000.00	$	1,025.48	$	0.00		0.00	%
I-2		1,000.00		1,051.90		0.52		1,000.00		1,024.97		0.52		0.10
Class A		1,000.00		1,050.80		1.83		1,000.00		1,023.70		1.80		0.35
PIMCO RAE International Fund
Institutional Class	$	1,000.00	$	1,045.40	$	2.61	$	1,000.00	$	1,022.93	$	2.58		0.50	%
I-2		1,000.00		1,045.00		3.13		1,000.00		1,022.42		3.09		0.60
Class A		1,000.00		1,042.80		4.42		1,000.00		1,021.15		4.38		0.85
PIMCO RAE US Fund
Institutional Class	$	1,000.00	$	1,106.10	$	2.15	$	1,000.00	$	1,023.44	$	2.06		0.40	%
I-2		1,000.00		1,105.60		2.68		1,000.00		1,022.93		2.58		0.50
Class A		1,000.00		1,103.60		4.29		1,000.00		1,021.40		4.12		0.80

SEMIANNUAL REPORT | DECEMBER 31, 2022 19

Expense Examples (Cont.)

	Actual						Hypothetical (5% return before expenses)
	Beginning Account Value (07/01/22)		Ending Account Value (12/31/22)		Expenses Paid During Period*		Beginning Account Value (07/01/22)		Ending Account Value (12/31/22)		Expenses Paid During Period*		Net Annualized Expense Ratio**
PIMCO RAE US Small Fund
Institutional Class	$	1,000.00	$	1,079.20	$	2.65	$	1,000.00	$	1,022.93	$	2.58		0.50	%
I-2		1,000.00		1,078.60		3.18		1,000.00		1,022.42		3.09		0.60
Class A		1,000.00		1,076.00		4.76		1,000.00		1,020.89		4.63		0.90

* Expenses Paid During Period are equal to the net annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 186/365 (to reflect the one-half year period).

** Net Annualized Expense Ratio is reflective of any applicable contractual fee waivers and/or expense reimbursements or voluntary fee waivers. Details regarding fee waivers, if any, can be found in Note 9, Fees and Expenses, in the Notes to Financial Statements.

20 PIMCO EQUITY SERIES

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SEMIANNUAL REPORT | DECEMBER 31, 2022 21

Financial Highlights

				Investment Operations								Less Distributions(c)
Selected Per Share Data for the Year or Period Ended^:		Net Asset Value Beginning of Year or Period(a)		Net Investment Income (Loss)(b)		Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Net Realized Capital Gains			Tax Basis Return of Capital			Total
PIMCO RAE Emerging Markets Fund
Institutional Class
07/01/2022 - 12/31/2022+		$	8.85	$	0.23	$	0.42		$	0.65		$	(0.05	)	$	(0.92	)	$	0.00		$	(0.97	)
06/30/2022			12.02		0.55		(2.76	)		(2.21	)		(0.96	)		0.00			0.00			(0.96	)
06/30/2021			7.83		0.27		4.09			4.36			(0.17	)		0.00			0.00			(0.17	)
06/30/2020			9.92		0.24		(2.06	)		(1.82	)		(0.24	)		(0.03	)		0.00			(0.27	)
06/30/2019			10.74		0.29		(0.11	)		0.18			(0.26	)		(0.74	)		0.00			(1.00	)
06/30/2018			10.83		0.25		0.59			0.84			(0.19	)		(0.74	)		0.00			(0.93	)
I-2
07/01/2022 - 12/31/2022+			8.80		0.21		0.43			0.64			(0.04	)		(0.92	)		0.00			(0.96	)
06/30/2022			11.97		0.50		(2.71	)		(2.21	)		(0.96	)		0.00			0.00			(0.96	)
06/30/2021			7.80		0.30		4.03			4.33			(0.16	)		0.00			0.00			(0.16	)
06/30/2020			9.86		0.32		(2.16	)		(1.84	)		(0.19	)		(0.03	)		0.00			(0.22	)
06/30/2019			10.68		0.29		(0.11	)		0.18			(0.26	)		(0.74	)		0.00			(1.00	)
06/30/2018			10.79		0.24		0.57			0.81			(0.18	)		(0.74	)		0.00			(0.92	)
Class A
07/01/2022 - 12/31/2022+	��		8.70		0.21		0.41			0.62			(0.03	)		(0.92	)		0.00			(0.95	)
06/30/2022			11.86		0.47		(2.68	)		(2.21	)		(0.95	)		0.00			0.00			(0.95	)
06/30/2021			7.75		0.23		4.03			4.26			(0.15	)		0.00			0.00			(0.15	)
06/30/2020			9.84		0.23		(2.07	)		(1.84	)		(0.22	)		(0.03	)		0.00			(0.25	)
06/30/2019			10.68		0.25		(0.09	)		0.16			(0.26	)		(0.74	)		0.00			(1.00	)
06/30/2018			10.81		0.21		0.59			0.80			(0.19	)		(0.74	)		0.00			(0.93	)
PIMCO RAE Global ex-US Fund
Institutional Class
07/01/2022 - 12/31/2022+		$	8.78	$	0.17	$	0.29		$	0.46		$	(0.15	)	$	(0.60	)	$	0.00		$	(0.75	)
06/30/2022			11.65		1.15		(2.80	)		(1.65	)		(1.22	)		0.00			0.00			(1.22	)
06/30/2021			8.20		0.21		3.45			3.66			(0.21	)		0.00			0.00			(0.21	)
06/30/2020			10.23		0.38		(1.76	)		(1.38	)		(0.37	)		(0.28	)		0.00			(0.65	)
06/30/2019			10.68		0.32		(0.51	)		(0.19	)		(0.26	)		0.00			0.00			(0.26	)
06/30/2018			10.49		0.38		0.28			0.66			(0.42	)		0.00			(0.05	)		(0.47	)
I-2
07/01/2022 - 12/31/2022+			8.80		0.15		0.31			0.46			(0.15	)		(0.60	)		0.00			(0.75	)
06/30/2022			11.67		1.39		(3.04	)		(1.65	)		(1.22	)		0.00			0.00			(1.22	)
06/30/2021			8.18		0.02		3.63			3.65			(0.16	)		0.00			0.00			(0.16	)
06/30/2020			10.20		0.30		(1.68	)		(1.38	)		(0.36	)		(0.28	)		0.00			(0.64	)
06/30/2019			10.65		0.26		(0.46	)		(0.20	)		(0.25	)		0.00			0.00			(0.25	)
06/30/2018			10.47		0.29		0.35			0.64			(0.41	)		0.00			(0.05	)		(0.46	)
Class A
07/01/2022 - 12/31/2022+			8.62		0.17		0.27			0.44			(0.14	)		(0.60	)		0.00			(0.74	)
06/30/2022			11.48		1.08		(2.74	)		(1.66	)		(1.20	)		0.00			0.00			(1.20	)
06/30/2021			8.10		0.18		3.39			3.57			(0.19	)		0.00			0.00			(0.19	)
06/30/2020			10.14		0.41		(1.81	)		(1.40	)		(0.36	)		(0.28	)		0.00			(0.64	)
06/30/2019			10.61		0.23		(0.46	)		(0.23	)		(0.24	)		0.00			0.00			(0.24	)
06/30/2018			10.44		0.24		0.38			0.62			(0.40	)		0.00			(0.05	)		(0.45	)
PIMCO RAE International Fund
Institutional Class
07/01/2022 - 12/31/2022+		$	7.55	$	0.09	$	0.25		$	0.34		$	(0.17	)	$	(0.36	)	$	0.00		$	(0.53	)
06/30/2022			11.23		0.36		(1.69	)		(1.33	)		(0.46	)		(1.89	)		0.00			(2.35	)
06/30/2021			8.11		0.27		3.08			3.35			(0.23	)		0.00			0.00			(0.23	)
06/30/2020			9.74		0.23		(1.45	)		(1.22	)		(0.41	)		0.00			0.00			(0.41	)
06/30/2019			10.60		0.34		(0.68	)		(0.34	)		(0.25	)		(0.27	)		0.00			(0.52	)
06/30/2018			10.27		0.33		0.29			0.62			(0.28	)		(0.01	)		0.00			(0.29	)
I-2
07/01/2022 - 12/31/2022+			7.51		0.09		0.25			0.34			(0.17	)		(0.36	)		0.00			(0.53	)
06/30/2022			11.17		0.35		(1.69	)		(1.34	)		(0.43	)		(1.89	)		0.00			(2.32	)
06/30/2021			8.07		0.40		2.92			3.32			(0.22	)		0.00			0.00			(0.22	)
06/30/2020			9.71		0.21		(1.43	)		(1.22	)		(0.42	)		0.00			0.00			(0.42	)
06/30/2019			10.57		0.30		(0.64	)		(0.34	)		(0.25	)		(0.27	)		0.00			(0.52	)
06/30/2018			10.24		0.26		0.35			0.61			(0.27	)		(0.01	)		0.00			(0.28	)

22 PIMCO EQUITY SERIES See Accompanying Notes

					Ratios/Supplemental Data
							Ratios to Average Net Assets(e)
Net Assets Value End of Year or Period(a)		Total Return(d)			Net Assets End of Year or Period (000s)		Expenses			Expenses Excluding Waivers			Expenses Excluding Interest Expense			Expenses Excluding Interest Expense and Waivers			Net Investment Income (Loss)			Portfolio Turnover Rate
$	8.53		7.47	%	$	1,076,171		0.77	%*		0.78	%*		0.75	%*		0.76	%*		5.08	%*		32	%
	8.85		(19.72	)		1,247,735		0.76			0.77			0.75			0.76			5.13			109
	12.02		56.09			1,716,375		0.79	(f)		0.85	(f)		0.78	(f)		0.84	(f)		2.66			79
	7.83		(18.91	)		1,184,716		0.76			0.97			0.75			0.96			2.70			56
	9.92		2.40			2,632,982		0.75			0.96			0.75			0.96			2.94			25
	10.74		7.50			1,848,953		0.76			0.97			0.76			0.97			2.13			28
	8.48		7.46			64,460		0.87	*		0.88	*		0.85	*		0.86	*		4.76	*		32
	8.80		(19.78	)		69,156		0.86			0.87			0.85			0.86			4.73			109
	11.97		55.95			59,609		0.89	(g)		0.95	(g)		0.88	(g)		0.94	(g)		2.71			79
	7.80		(19.13	)		3,070		0.86			1.07			0.85			1.06			3.58			56
	9.86		2.42			16,263		0.85			1.06			0.85			1.06			2.93			25
	10.68		7.26			17,486		0.86			1.07			0.86			1.07			2.07			28
	8.37		7.32			10,829		1.12	*		1.13	*		1.10	*		1.11	*		4.75	*		32
	8.70		(19.97	)		12,611		1.11			1.12			1.10			1.11			4.43			109
	11.86		55.42			15,798		1.14	(g)		1.20	(g)		1.13	(g)		1.19	(g)		2.24			79
	7.75		(19.27	)		7,628		1.11			1.32			1.10			1.31			2.61			56
	9.84		2.21			16,198		1.10			1.31			1.10			1.31			2.52			25
	10.68		7.08			7,350		1.11			1.32			1.11			1.32			1.76			28
$	8.49		5.24	%	$	72,335		0.00	%*		0.56	%*		0.00	%*		0.56	%*		3.86	%*		4	%
	8.78		(15.58	)		69,094		0.00			0.56			0.00			0.56			10.87			7
	11.65		44.96			80,502		0.02	(h)		0.63	(h)		0.02	(h)		0.63	(h)		2.08			18
	8.20		(14.73	)		53,191		0.02			0.78			0.01			0.77			4.03			34
	10.23		(1.50	)		75,630		0.00			0.76			0.00			0.76			3.13			17
	10.68		6.01			75,994		0.00			0.77			0.00			0.77			3.36			9
	8.51		5.19			289		0.10	*		0.66	*		0.10	*		0.66	*		3.51	*		4
	8.80		(15.57	)		307		0.10			0.66			0.10			0.66			13.36			7
	11.67		44.90			154		0.12	(f)		0.73	(f)		0.12	(f)		0.73	(f)		0.18			18
	8.18		(14.74	)		67		0.12			0.88			0.11			0.87			3.14			34
	10.20		(1.60	)		428		0.10			0.86			0.10			0.86			2.50			17
	10.65		5.88			900		0.10			0.87			0.10			0.87			2.58			9
	8.32		5.08			16,541		0.35	*		0.91	*		0.35	*		0.91	*		4.00	*		4
	8.62		(15.87	)		9,334		0.35			0.91			0.35			0.91			10.37			7
	11.48		44.43			11,523		0.37	(f)		0.98	(f)		0.37	(f)		0.98	(f)		1.88			18
	8.10		(15.01	)		11,252		0.37			1.13			0.36			1.12			4.66			34
	10.14		(1.90	)		2,035		0.35			1.11			0.35			1.11			2.32			17
	10.61		5.69			1,531		0.35			1.12			0.35			1.12			2.14			9
$	7.36		4.54	%	$	701,245		0.50	%*		0.51	%*		0.50	%*		0.51	%*		2.44	%*		48	%
	7.55		(14.14	)		503,685		0.51			0.52			0.50			0.51			3.77			58
	11.23		41.64			1,025,896		0.51	(i)		0.55	(i)		0.51	(i)		0.55	(i)		2.79			87
	8.11		(13.27	)		756,178		0.51			0.62			0.50			0.61			2.65			93
	9.74		(2.72	)		547,007		0.50			0.61			0.50			0.61			3.41			41
	10.60		5.88			543,875		0.51			0.62			0.51			0.62			3.04			47
	7.32		4.50			10,537		0.60	*		0.61	*		0.60	*		0.61	*		2.41	*		48
	7.51		(14.25	)		11,264		0.61			0.62			0.60			0.61			3.44			58
	11.17		41.51			25,494		0.61	(j)		0.65	(j)		0.61	(j)		0.65	(j)		3.66			87
	8.07		(13.40	)		841		0.61			0.72			0.60			0.71			2.39			93
	9.71		(2.73	)		832		0.60			0.71			0.60			0.71			3.02			41
	10.57		5.84			1,994		0.61			0.72			0.61			0.72			2.33			47

SEMIANNUAL REPORT | DECEMBER 31, 2022 23

Financial Highlights (Cont.)

			Investment Operations								Less Distributions(c)
Selected Per Share Data for the Year or Period Ended^:	Net Asset Value Beginning of Year or Period(a)		Net Investment Income (Loss)(b)		Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income				From Net Realized Capital Gains			Tax Basis Return of Capital		Total
PIMCO RAE International Fund (Cont.)
Class A
07/01/2022 - 12/31/2022+	$	7.39	$	0.06	$	0.25		$	0.31		$	(0.14	)		$	(0.36	)	$	0.00	$	(0.50	)
06/30/2022		11.06		0.32		(1.66	)		(1.34	)		(0.44	)			(1.89	)		0.00		(2.33	)
06/30/2021		8.01		0.30		2.96			3.26			(0.21	)			0.00			0.00		(0.21	)
06/30/2020		9.64		0.18		(1.41	)		(1.23	)		(0.40	)			0.00			0.00		(0.40	)
06/30/2019		10.53		0.30		(0.67	)		(0.37	)		(0.25	)			(0.27	)		0.00		(0.52	)
06/30/2018		10.24		0.37		0.21			0.58			(0.28	)			(0.01	)		0.00		(0.29	)
PIMCO RAE US Fund
Institutional Class
07/01/2022 - 12/31/2022+	$	11.81	$	0.15	$	1.11		$	1.26		$	(0.14	)		$	(0.83	)	$	0.00	$	(0.97	)
06/30/2022		14.03		0.26		(1.13	)		(0.87	)		(0.17	)			(1.18	)		0.00		(1.35	)
06/30/2021		9.72		0.25		4.44			4.69			(0.28	)			(0.10	)		0.00		(0.38	)
06/30/2020		11.09		0.28		(1.08	)		(0.80	)		(0.32	)			(0.25	)		0.00		(0.57	)
06/30/2019		11.30		0.26		0.20			0.46			(0.21	)			(0.46	)		0.00		(0.67	)
06/30/2018		10.57		0.23		1.16			1.39			(0.22	)			(0.44	)		0.00		(0.66	)
I-2
07/01/2022 - 12/31/2022+		11.72		0.15		1.10			1.25			(0.14	)			(0.83	)		0.00		(0.97	)
06/30/2022		13.94		0.25		(1.13	)		(0.88	)		(0.16	)			(1.18	)		0.00		(1.34	)
06/30/2021		9.67		0.23		4.41			4.64			(0.27	)			(0.10	)		0.00		(0.37	)
06/30/2020		11.04		0.27		(1.08	)		(0.81	)		(0.31	)			(0.25	)		0.00		(0.56	)
06/30/2019		11.26		0.25		0.20			0.45			(0.21	)			(0.46	)		0.00		(0.67	)
06/30/2018		10.54		0.22		1.15			1.37			(0.21	)			(0.44	)		0.00		(0.65	)
Class A
07/01/2022 - 12/31/2022+		11.52		0.13		1.07			1.20			(0.12	)			(0.83	)		0.00		(0.95	)
06/30/2022		13.75		0.21		(1.11	)		(0.90	)		(0.15	)			(1.18	)		0.00		(1.33	)
06/30/2021		9.55		0.19		4.37			4.56			(0.26	)			(0.10	)		0.00		(0.36	)
06/30/2020		10.93		0.23		(1.07	)		(0.84	)		(0.29	)			(0.25	)		0.00		(0.54	)
06/30/2019		11.19		0.22		0.19			0.41			(0.21	)			(0.46	)		0.00		(0.67	)
06/30/2018		10.50		0.18		1.15			1.33			(0.20	)			(0.44	)		0.00		(0.64	)
PIMCO RAE US Small Fund
Institutional Class
07/01/2022 - 12/31/2022+	$	8.27	$	0.12	$	0.55		$	0.67		$	(0.11	)		$	(0.69	)	$	0.00	$	(0.80	)
06/30/2022		15.90		0.15		(1.62	)		(1.47	)		(0.20	)			(5.96	)		0.00		(6.16	)
06/30/2021		8.80		0.09		8.05			8.14			(0.17	)			(0.87	)		0.00		(1.04	)
06/30/2020		10.72		0.14		(1.88	)		(1.74	)		(0.18	)	��		0.00			0.00		(0.18	)
06/30/2019		12.33		0.17		(1.05	)		(0.88	)		(0.09	)			(0.64	)		0.00		(0.73	)
06/30/2018		11.10		0.15		1.63			1.78			(0.17	)			(0.38	)		0.00		(0.55	)
I-2
07/01/2022 - 12/31/2022+		8.18		0.12		0.54			0.66			(0.11	)			(0.69	)		0.00		(0.80	)
06/30/2022		15.80		0.15		(1.61	)		(1.46	)		(0.20	)			(5.96	)		0.00		(6.16	)
06/30/2021		8.76		0.02		8.06			8.08			(0.17	)			(0.87	)		0.00		(1.04	)
06/30/2020		10.67		0.16		(1.90	)		(1.74	)		(0.17	)			0.00			0.00		(0.17	)
06/30/2019		12.29		0.15		(1.04	)		(0.89	)		(0.09	)			(0.64	)		0.00		(0.73	)
06/30/2018		11.07		0.14		1.62			1.76			(0.16	)			(0.38	)		0.00		(0.54	)

24 PIMCO EQUITY SERIES See Accompanying Notes

					Ratios/Supplemental Data
							Ratios to Average Net Assets(e)
Net Assets Value End of Year or Period(a)		Total Return(d)			Net Assets End of Year or Period (000s)		Expenses			Expenses Excluding Waivers			Expenses Excluding Interest Expense			Expenses Excluding Interest Expense and Waivers			Net Investment Income (Loss)			Portfolio Turnover Rate
$	7.20		4.28	%	$	4,900		0.85	% *		0.86	% *		0.85	% *		0.86	% *		1.53	% *		48	%
	7.39		(14.41	)		21,550		0.86			0.87			0.85			0.86			3.49			58
	11.06		41.10			25,298		0.86	(j)		0.90	(j)		0.86	(j)		0.90	(j)		2.87			87
	8.01		(13.57	)		3,258		0.86			0.97			0.85			0.96			2.05			93
	9.64		(3.03	)		5,072		0.85			0.96			0.85			0.96			3.06			41
	10.53		5.53			5,007		0.86			0.97			0.86			0.97			3.34			47
$	12.10		10.61	%	$	955,365		0.40	%*		0.41	%*		0.40	%*		0.41	%*		2.42	%*		47	%
	11.81		(7.16	)		778,671		0.40			0.41			0.40			0.41			1.94			69
	14.03		48.99			915,231		0.40	(k)		0.44	(k)		0.40	(k)		0.44	(k)		2.06			54
	9.72		(8.03	)		578,588		0.41			0.52			0.40			0.51			2.60			34
	11.09		4.66			745,741		0.40			0.51			0.40			0.51			2.39			32
	11.30		13.22			771,581		0.41			0.52			0.41			0.52			2.06			44
	12.00		10.56			51,991		0.50	*		0.51	*		0.50	*		0.51	*		2.32	*		47
	11.72		(7.25	)		44,350		0.50			0.51			0.50			0.51			1.87			69
	13.94		48.77			39,056		0.50	(l)		0.54	(l)		0.50	(l)		0.54	(l)		1.92			54
	9.67		(8.08	)		16,970		0.51			0.62			0.50			0.61			2.51			34
	11.04		4.58			14,257		0.50			0.61			0.50			0.61			2.25			32
	11.26		13.10			7,265		0.51			0.62			0.51			0.62			1.96			44
	11.77		10.36			19,116		0.80	*		0.81	*		0.80	*		0.81	*		2.01	*		47
	11.52		(7.54	)		15,623		0.80			0.81			0.80			0.81			1.57			69
	13.75		48.44			12,212		0.80	(j)		0.84	(j)		0.80	(j)		0.84	(j)		1.65			54
	9.55		(8.41	)		7,432		0.81			0.92			0.80			0.91			2.21			34
	10.93		4.24			8,197		0.80			0.91			0.80			0.91			2.03			32
	11.19		12.73			6,973		0.81			0.92			0.81			0.92			1.65			44
$	8.14		7.92	%	$	532,270		0.50	%*		0.51	%*		0.50	%*		0.51	%*		2.66	%*		38	%
	8.27		(13.65	)		274,652		0.50			0.51			0.50			0.51			1.33			131
	15.90		97.65			331,165		0.53	(k)		0.56	(k)		0.51	(k)		0.54	(k)		0.79			118
	8.80		(16.64	)		288,592		0.53			0.63			0.52			0.62			1.50			202
	10.72		(6.74	)		119,223		0.51			0.62			0.51			0.62			1.52			64
	12.33		16.37			128,985		0.50			0.62			0.50			0.62			1.30			30
	8.04		7.86			66,891		0.60	*		0.61	*		0.60	*		0.61	*		2.62	*		38
	8.18		(13.68	)		47,933		0.60			0.61			0.60			0.61			1.39			131
	15.80		97.30			6,427		0.63	(l)		0.66	(l)		0.61	(l)		0.64	(l)		0.17			118
	8.76		(16.67	)		883		0.63			0.73			0.62			0.72			1.53			202
	10.67		(6.85	)		2,565		0.61			0.72			0.61			0.72			1.34			64
	12.29		16.27			4,366		0.60			0.72			0.60			0.72			1.19			30

SEMIANNUAL REPORT | DECEMBER 31, 2022 25

Financial Highlights (Cont.)

			Investment Operations									Less Distributions(c)
Selected Per Share Data for the Year or Period Ended^:	Net Asset Value Beginning of Year or Period(a)		Net Investment Income (Loss)(b)			Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Net Realized Capital Gains			Tax Basis Return of Capital		Total
PIMCO RAE US Small Fund (Cont.)
Class A
07/01/2022 - 12/31/2022+	$	8.00	$	0.10		$	0.53		$	0.63		$	(0.10	)	$	(0.69	)	$	0.00	$	(0.79	)
06/30/2022		15.62		0.12			(1.60	)		(1.48	)		(0.18	)		(5.96	)		0.00		(6.14	)
06/30/2021		8.68		(0.04	)		8.01			7.97			(0.16	)		(0.87	)		0.00		(1.03	)
06/30/2020		10.60		0.12			(1.89	)		(1.77	)		(0.15	)		0.00			0.00		(0.15	)
06/30/2019		12.24		0.12			(1.03	)		(0.91	)		(0.09	)		(0.64	)		0.00		(0.73	)
06/30/2018		11.05		0.09			1.62			1.71			(0.14	)		(0.38	)		0.00		(0.52	)

^ A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.

+ Unaudited

* Annualized, except for organizational expense, if any.

^(a)  Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds.

^(b)  Per share amounts based on average number of shares outstanding during the year or period.

^(c)  The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

^(d)  Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds. Additionally, excludes initial sales charges and contingent deferred sales charges.

^(e)  Ratios shown do not include expenses of the investment companies in which a Fund may invest. See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information regarding the expenses and any applicable fee waivers associated with these investments.

^(f)  Effective November 1, 2020, the Class’s Supervisory and Administrative fee was decreased by 0.20% to an annual rate of 0.25%.

^(g)  Effective November 1, 2020, the Class’s Supervisory and Administrative fee was decreased by 0.20% to an annual rate of 0.35%.

^(h)  Effective November 1, 2020, the Class’s Supervisory and Administrative fee was decreased by 0.20% to an annual rate of 0.15%.

⁽ⁱ⁾  Effective November 1, 2020, the Class’s Supervisory and Administrative fee was decreased by 0.10% to an annual rate of 0.20%.

^(j)  Effective November 1, 2020, the Class’s Supervisory and Administrative fee was decreased by 0.10% to an annual rate of 0.30%.

^(k)  Effective November 1, 2020, the Class’s Supervisory and Administrative fee was decreased by 0.10% to an annual rate of 0.15%.

^(l)  Effective November 1, 2020, the Class’s Supervisory and Administrative fee was decreased by 0.10% to an annual rate of 0.25%.

26 PIMCO EQUITY SERIES See Accompanying Notes

					Ratios/Supplemental Data
							Ratios to Average Net Assets(e)
Net Assets Value End of Year or Period(a)		Total Return(d)			Net Assets End of Year or Period (000s)		Expenses			Expenses Excluding Waivers			Expenses Excluding Interest Expense			Expenses Excluding Interest Expense and Waivers			Net Investment Income (Loss)			Portfolio Turnover Rate
$	7.84		7.60	%	$	78,381		0.90	% *		0.91	% *		0.90	% *		0.91	% *		2.22	% *		38	%
	8.00		(13.98	)		73,766		0.90			0.91			0.90			0.91			1.11			131
	15.62		96.82			46,113		0.93	(j)		0.96	(j)		0.91	(j)		0.94	(j)		(0.27	)		118
	8.68		(16.99	)		3,900		0.93			1.03			0.92			1.02			1.22			202
	10.60		(7.05	)		4,023		0.91			1.02			0.91			1.02			1.07			64
	12.24		15.83			4,875		0.90			1.02			0.90			1.02			0.82			30

SEMIANNUAL REPORT | DECEMBER 31, 2022 27

Statements of Assets and Liabilities

(Amounts in thousands†, except per share amounts)	PIMCO RAE Emerging Markets Fund			PIMCO RAE Global ex-US Fund			PIMCO RAE International Fund			PIMCO RAE US Fund		PIMCO RAE US Small Fund
Assets:
Investments, at value
Investments in securities*^	$	1,145,286		$	0		$	710,564		$	1,023,156	$	675,926
Investments in Affiliates		16,284			89,224			24,710			1,240		3,346
Cash		88			11			0			12		9
Deposits with counterparty		0			0			1,782			0		0
Foreign currency, at value		1,613			0			2,546			0		0
Receivable for investments sold		225			0			0			0		1
Receivable for investments in Affiliates sold		0			0			0			0		0
Receivable for Fund shares sold		1,861			5			9			2,416		989
Interest and/or dividends receivable		6,048			0			4,416			1,723		2,432
Reimbursement receivable from PIMCO		20			45			7			14		5
Other assets		20			0			13			0		0
Total Assets		1,171,445			89,285			744,047			1,028,561		682,708
Liabilities:
Payable for investments purchased	$	2,166		$	0		$	0		$	0	$	0
Payable upon return of securities loaned		16,372			0			24,710			1,252		3,313
Deposits from counterparty		0			0			1,792			0		0
Payable for Fund shares redeemed		292			71			431			450		1,482
Overdraft due to custodian		0			0			93			0		0
Accrued investment advisory fees		513			32			200			235		213
Accrued supervisory and administrative fees		264			13			135			148		107
Accrued servicing fees		2			4			1			4		18
Accrued taxes payable		376			0			0			0		0
Other liabilities		0			0			3			0		33
Total Liabilities		19,985			120			27,365			2,089		5,166
Net Assets	$	1,151,460		$	89,165		$	716,682		$	1,026,472	$	677,542
Net Assets Consist of:
Paid in capital	$	1,465,177		$	104,102		$	717,073		$	822,582	$	666,844
Distributable earnings (accumulated loss)		(313,717	)		(14,937	)		(391	)		203,890		10,698
Net Assets	$	1,151,460		$	89,165		$	716,682		$	1,026,472	$	677,542
Cost of investments in securities	$	1,120,634		$	0		$	629,289		$	805,467	$	623,946
Cost of investments in Affiliates	$	16,284		$	105,028		$	24,710		$	1,240	$	3,346
Cost of foreign currency held	$	1,528		$	0		$	751		$	0	$	0
* Includes repurchase agreements of:	$	6,783		$	0		$	0		$	5,467	$	3,817
^ Includes securities on loan of:	$	15,336		$	0		$	23,326		$	1,221	$	2,801

^†  A zero balance may reflect actual amounts rounding to less than one thousand.

28 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2022 (Unaudited)

	PIMCO RAE Emerging Markets Fund		PIMCO RAE Global ex-US Fund		PIMCO RAE International Fund		PIMCO RAE US Fund		PIMCO RAE US Small Fund
Net Assets:
Institutional Class	$	1,076,171	$	72,335	$	701,245	$	955,365	$	532,270
I-2		64,460		289		10,537		51,991		66,891
Class A		10,829		16,541		4,900		19,116		78,381
Shares Issued and Outstanding:
Institutional Class		126,114		8,516		95,309		78,980		65,391
I-2		7,603		34		1,439		4,333		8,323
Class A		1,293		1,987		680		1,624		9,993
Net Asset Value Per Share Outstanding(a):
Institutional Class	$	8.53	$	8.49	$	7.36	$	12.10	$	8.14
I-2		8.48		8.51		7.32		12.00		8.04
Class A		8.37		8.32		7.20		11.77		7.84

^(a)  Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds.

SEMIANNUAL REPORT | DECEMBER 31, 2022 29

Statements of Operations

Six Months Ended December 31, 2022 (Unaudited)
(Amounts in thousands†)	PIMCO RAE Emerging Markets Fund			PIMCO RAE Global ex-US Fund			PIMCO RAE International Fund			PIMCO RAE US Fund			PIMCO RAE US Small Fund
Investment Income:
Interest	$	14		$	1		$	23		$	40		$	43
Dividends, net of foreign taxes*		37,017			0			9,646			14,777			9,036
Dividends from Investments in Affiliates		0			1,671			0			0			0
Securities lending income		184			0			111			62			47
Total Income		37,215			1,672			9,780			14,879			9,126
Expenses:
Investment advisory fees		3,184			170			995			1,312			1,005
Supervisory and administrative fees		1,635			71			673			826			519
Distribution and/or servicing fees - Class A		14			18			10			22			101
Trustee fees		48			3			21			35			15
Interest expense		112			0			11			0			3
Miscellaneous expense		31			1			16			26			14
Total Expenses		5,024			263			1,726			2,221			1,657
Waiver and/or Reimbursement by PIMCO		(48	)		(237	)		(21	)		(35	)		(15	)
Net Expenses		4,976			26			1,705			2,186			1,642
Net Investment Income (Loss)		32,239			1,646			8,075			12,693			7,484
Net Realized Gain (Loss):
Investments in securities, net of foreign capital gains tax**		(47,225	)		0			13,887			7,484			20,227
Investments in Affiliates		0			(1,053	)		0			0			0
Net capital gain distributions received from Affiliate investments		0			5,126			0			0			0
Over the counter financial derivative instruments		20			0			(44	)		0			0
Foreign currency		(2,932	)		0			(374	)		0			0
Net Realized Gain (Loss)		(50,137	)		4,073			13,469			7,484			20,227
Net Change in Unrealized Appreciation (Depreciation):
Investments in securities		102,982			0			27,129			68,391			14,840
Investments in Affiliates		0			(1,371	)		0			0			0
Exchange-traded or centrally cleared financial derivative instruments		0			0			0			0			0
Foreign currency assets and liabilities		(62	)		0			180			0			0
Net Change in Unrealized Appreciation (Depreciation)		102,920			(1,371	)		27,309			68,391			14,840
Net Increase (Decrease) in Net Assets Resulting from Operations	$	85,022		$	4,348		$	48,853		$	88,568		$	42,551
* Foreign tax withholdings - Dividends	$	6,151		$	0		$	937		$	0		$	0
** Foreign capital gains tax	$	1,196		$	0		$	0		$	0		$	0

^†  A zero balance may reflect actual amounts rounding to less than one thousand.

30 PIMCO EQUITY SERIES See Accompanying Notes

(THIS PAGE INTENTIONALLY LEFT BLANK)

SEMIANNUAL��REPORT | DECEMBER 31, 2022 31

Statements of Changes in Net Assets

	PIMCO RAE Emerging Markets Fund						PIMCO RAE Global ex-US Fund						PIMCO RAE International Fund
(Amounts in thousands†)	Six Months Ended December 31, 2022 (Unaudited)			Year Ended June 30, 2022			Six Months Ended December 31, 2022 (Unaudited)			Year Ended June 30, 2022			Six Months Ended December 31, 2022 (Unaudited)			Year Ended June 30, 2022
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	32,239		$	64,592		$	1,646		$	9,887		$	8,075		$	30,379
Net realized gain (loss)		(50,137	)		311,732			4,073			6,060			13,469			140,409
Net change in unrealized appreciation (depreciation)		102,920			(680,361	)		(1,371	)		(30,683	)		27,309			(278,293	)
Net Increase (Decrease) in Net Assets Resulting from Operations		85,022			(304,037	)		4,348			(14,736	)		48,853			(107,505	)
Distributions to Shareholders:
From net investment income and/or net realized capital gains
Institutional Class		(110,130	)		(65,718	)		(5,937	)		(8,675	)		(50,236	)		(159,212	)
I-2		(6,797	)		(5,877	)		(24	)		(42	)		(745	)		(3,032	)
Class A		(1,104	)		(1,405	)		(1,373	)		(1,283	)		(330	)		(5,107	)
Total Distributions(a)		(118,031	)		(73,000	)		(7,334	)		(10,000	)		(51,311	)		(167,351	)
Fund Share Transactions:
Net increase (decrease) resulting from Fund share transactions*		(145,033	)		(85,243	)		13,416			11,292			182,641			(265,333	)
Total Increase (Decrease) in Net Assets		(178,042	)		(462,280	)		10,430			(13,444	)		180,183			(540,189	)
Net Assets:
Beginning of period		1,329,502			1,791,782			78,735			92,179			536,499			1,076,688
End of period	$	1,151,460		$	1,329,502		$	89,165		$	78,735		$	716,682		$	536,499

^†  A zero balance may reflect actual amounts rounding to less than one thousand.

* See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements.

^(a)  The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

32 PIMCO EQUITY SERIES See Accompanying Notes

PIMCO RAE US Fund						PIMCO RAE US Small Fund
Six Months Ended December 31, 2022 (Unaudited)			Year Ended June 30, 2022			Six Months Ended December 31, 2022 (Unaudited)			Year Ended June 30, 2022
$	12,693		$	21,650		$	7,484		$	4,670
	7,484			82,856			20,227			96,742
	68,391			(167,813	)		14,840			(165,626	)
	88,568			(63,307	)		42,551			(64,214	)
	(73,075	)		(114,851	)		(47,913	)		(91,057	)
	(3,996	)		(3,541	)		(4,583	)		(10,276	)
	(1,379	)		(1,233	)		(7,395	)		(30,767	)
	(78,450	)		(119,625	)		(59,891	)		(132,100	)
	177,710			55,077			298,531			208,960
	187,828			(127,855	)		281,191			12,646
	838,644			966,499			396,351			383,705
$	1,026,472		$	838,644		$	677,542		$	396,351

SEMIANNUAL REPORT | DECEMBER 31, 2022 33

Schedule of Investments PIMCO RAE Emerging Markets Fund

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.5%
COMMON STOCKS 97.7%
BRAZIL 4.8%
COMMUNICATION SERVICES 0.3%
Telefonica Brasil SA		385,545	$		2,785
CONSUMER DISCRETIONARY 0.3%
Cogna Educacao (b)		1,129,700			454
Vibra Energia SA		1,000,337			2,933
					3,387
ENERGY 0.2%
Ultrapar Participacoes SA		963,165			2,287
FINANCIALS 1.9%
Banco do Brasil SA		3,144,740			20,345
IRB Brasil Resseguros SA		5,795,735			940
Porto Seguro SA		223,800			979
					22,264
INDUSTRIALS 0.4%
CCR SA		589,000			1,209
Embraer SA (b)		1,294,485			3,521
					4,730
INFORMATION TECHNOLOGY 1.6%
Cielo SA		18,759,345			18,664
UTILITIES 0.1%
Cia Paranaense de Energia		110,200			805
EDP - Energias do Brasil SA		119,100			470
					1,275
Total Brazil					55,392
CHILE 0.7%
COMMUNICATION SERVICES 0.0%
Empresa Nacional de Telecomunicaciones SA		66,893			231
CONSUMER DISCRETIONARY 0.0%
Falabella SA		88,756			173
CONSUMER STAPLES 0.4%
Cencosud SA		1,759,985			2,894
Cia Cervecerias Unidas SA		147,479			984
					3,878
UTILITIES 0.3%
Aguas Andinas SA ‘A’		2,103,354			486
Colbun SA		2,723,764			280
Enel Americas SA		1,147,667			154
Enel Chile SA		52,456,517			2,411
					3,331
Total Chile					7,613
CHINA 20.9%
CONSUMER DISCRETIONARY 1.4%
BAIC Motor Corp. Ltd. ‘H’		8,321,000			2,196

	SHARES			MARKET VALUE (000S)
Topsports International Holdings Ltd.		1,967,000	$		1,550
Vipshop Holdings Ltd. ADR (b)		883,566			12,052
					15,798
CONSUMER STAPLES 0.2%
Want Want China Holdings Ltd.		3,169,000			2,112
ENERGY 4.3%
China Petroleum & Chemical Corp. ‘H’		56,348,400			27,149
China Shenhua Energy Co. Ltd. ‘H’		2,897,500			8,347
PetroChina Co. Ltd. ‘H’		30,030,000			13,717
					49,213
FINANCIALS 11.0%
Bank of China Ltd. ‘H’		108,504,000			39,271
Bank of Communications Co. Ltd. ‘H’		6,578,000			3,775
China Cinda Asset Management Co. Ltd. ‘H’		27,305,000			3,768
China Construction Bank Corp. ‘H’		78,715,000			49,228
China Everbright Bank Co. Ltd. ‘H’		1,838,000			560
Industrial & Commercial Bank of China Ltd. ‘H’		49,339,000			25,305
PICC Property & Casualty Co. Ltd. ‘H’		4,598,000			4,347
					126,254
HEALTH CARE 1.1%
China Resources Pharmaceutical Group Ltd.		4,398,000			3,548
CSPC Pharmaceutical Group Ltd.		3,358,000			3,496
Shanghai Pharmaceuticals Holding Co. Ltd. ‘H’		103,100			171
Sinopharm Group Co. Ltd. ‘H’		2,356,000			5,963
					13,178
INDUSTRIALS 0.9%
AviChina Industry & Technology Co. Ltd. ‘H’		289,000			130
China Communications Services Corp. Ltd. ‘H’		4,930,000			1,794
China Energy Engineering Corp. Ltd. ‘H’ (d)		3,512,000			408
CITIC Ltd.		4,629,000			4,867
CRRC Corp. Ltd. ‘H’		3,628,000			1,461
Guangshen Railway Co. Ltd. ‘H’		1,458,000			268
Sinopec Engineering Group Co. Ltd. ‘H’		2,246,000			985
Sinotruk Hong Kong Ltd.		785,000			1,090
					11,003
INFORMATION TECHNOLOGY 1.3%
FIH Mobile Ltd. (b)		9,167,000			986
Lenovo Group Ltd.		16,716,000			13,615
					14,601

	SHARES			MARKET VALUE (000S)
MATERIALS 0.5%
Angang Steel Co. Ltd. ‘H’		6,602,000	$		1,793
China National Building Material Co. Ltd. ‘H’		3,371,400			2,754
Sinopec Shanghai Petrochemical Co. Ltd. ‘H’		10,712,000			1,808
					6,355
REAL ESTATE 0.2%
China Evergrande Group «(b)		1,601,000			169
Guangzhou R&F Properties Co. Ltd. ‘H’ (d)		1,615,000			391
Shui On Land Ltd.		6,309,000			800
Sino-Ocean Group Holding Ltd.		6,618,000			917
					2,277
UTILITIES 0.0%
Datang International Power Generation Co. Ltd. ‘H’		1,540,000			250
Total China					241,041
GREECE 0.7%
COMMUNICATION SERVICES 0.1%
Hellenic Telecommunications Organization SA		119,525			1,867
CONSUMER DISCRETIONARY 0.1%
OPAP SA		42,249			598
ENERGY 0.1%
Motor Oil Hellas Corinth Refineries SA		51,289			1,194
FINANCIALS 0.4%
Alpha Services & Holdings SA (b)		2,067,795			2,213
National Bank of Greece SA (b)		522,106			2,094
Piraeus Financial Holdings SA (b)		100,477			154
					4,461
Total Greece					8,120
HONG KONG 2.0%
FINANCIALS 0.1%
BOC Hong Kong Holdings Ltd.		132,500			450
Far East Horizon Ltd.		607,000			473
					923
INDUSTRIALS 0.3%
Orient Overseas International Ltd.		149,000			2,686
Shanghai Industrial Holdings Ltd.		757,000			933
					3,619
REAL ESTATE 0.2%
Poly Property Group Co. Ltd.		2,038,000			454
Shenzhen Investment Ltd.		1,950,000			334
Yuexiu Property Co. Ltd.		774,000			934
					1,722

34 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2022 (Unaudited)

	SHARES			MARKET VALUE (000S)
UTILITIES 1.4%
China Resources Power Holdings Co. Ltd.		5,100,000	$		10,392
Kunlun Energy Co. Ltd.		8,742,000			6,215
					16,607
Total Hong Kong					22,871
INDIA 13.3%
COMMUNICATION SERVICES 0.1%
Zee Entertainment Enterprises Ltd.		351,621			1,016
CONSUMER DISCRETIONARY 1.3%
Apollo Tyres Ltd.		66,487			260
Bosch Ltd.		2,710			564
Hero MotoCorp Ltd.		104,548			3,454
Mahindra & Mahindra Ltd.		422,699			6,364
Maruti Suzuki India Ltd.		13,880			1,404
Rajesh Exports Ltd.		216,116			1,912
Tata Motors Ltd. (b)		214,323			1,004
					14,962
CONSUMER STAPLES 0.9%
ITC Ltd.		2,473,287			9,900
ENERGY 2.8%
Bharat Petroleum Corp. Ltd.		130,340			520
Coal India Ltd.		2,067,188			5,624
Hindustan Petroleum Corp. Ltd.		804,577			2,281
Indian Oil Corp. Ltd.		9,332,453			8,620
Oil & Natural Gas Corp. Ltd.		6,498,312			11,567
Oil India Ltd.		1,010,555			2,551
Petronet LNG Ltd.		544,000			1,415
					32,578
FINANCIALS 1.9%
Bank of Baroda		1,246,037			2,791
Bank of India		287,829			306
IDFC Ltd.		5,387,635			5,283
Indiabulls Housing Finance Ltd. ‘L’ (b)		4,535,196			8,457
Power Finance Corp. Ltd.		1,492,632			2,544
REC Ltd.		1,231,462			1,733
Yes Bank Ltd. «(b)		3,406,176			679
					21,793
HEALTH CARE 0.4%
Glenmark Pharmaceuticals Ltd.		112,095			574
Lupin Ltd.		44,451			394
Sun Pharmaceutical Industries Ltd.		280,966			3,398
					4,366
INDUSTRIALS 0.6%
Bharat Electronics Ltd.		563,201			680
Bharat Heavy Electricals Ltd.		5,352,262			5,118
Cummins India Ltd.		26,788			447
Hindustan Aeronautics Ltd.		36,041			1,102
					7,347

	SHARES			MARKET VALUE (000S)
INFORMATION TECHNOLOGY 0.3%
Oracle Financial Services Software Ltd.		10,830	$		396
Redington Ltd.		660,900			1,442
Wipro Ltd.		293,106			1,390
					3,228
MATERIALS 4.1%
Ambuja Cements Ltd.		118,510			750
Chambal Fertilisers and Chemicals Ltd.		218,975			821
EID Parry India Ltd.		52,592			361
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.		255,311			1,714
Jindal Steel & Power Ltd.		519,180			3,641
National Aluminium Co. Ltd.		8,138,173			7,904
NMDC Ltd. (b)		126,498			57
Steel Authority of India Ltd.		2,080,482			2,075
Tata Steel Ltd.		4,411,855			6,009
Vedanta Ltd.		6,318,449			23,517
					46,849
UTILITIES 0.9%
GAIL India Ltd.		554,619			644
Jaiprakash Power Ventures Ltd. (b)		16,340,189			1,486
JSW Energy Ltd.		177,363			616
NHPC Ltd.		1,276,824			613
NTPC Ltd.		2,069,481			4,162
PTC India Ltd.		1,070,430			1,047
Reliance Infrastructure Ltd. (b)		836,081			1,391
Reliance Power Ltd. (b)		6,309,173			1,091
					11,050
Total India					153,089
INDONESIA 4.2%
COMMUNICATION SERVICES 0.5%
Telkom Indonesia Persero Tbk PT		21,796,900			5,249
CONSUMER DISCRETIONARY 0.4%
Astra International Tbk PT		12,482,100			4,568
CONSUMER STAPLES 0.1%
Gudang Garam Tbk PT		261,100			302
Hanjaya Mandala Sampoerna Tbk PT		6,911,800			373
Japfa Comfeed Indonesia Tbk PT		2,012,500			167
Unilever Indonesia Tbk PT		2,750,500			831
					1,673
ENERGY 1.5%
Adaro Energy Indonesia Tbk PT		29,626,900			7,339
AKR Corporindo Tbk PT		9,127,600			821
Bukit Asam Tbk PT		7,176,200			1,702
Indo Tambangraya Megah Tbk PT		2,348,500			5,899
United Tractors Tbk PT		812,700			1,362
					17,123

	SHARES			MARKET VALUE (000S)
FINANCIALS 1.1%
Bank Mandiri Persero Tbk PT		12,112,800	$		7,724
Bank Negara Indonesia Persero Tbk PT		4,308,800			2,553
Bank Pan Indonesia Tbk PT		1,175,900			117
Bank Rakyat Indonesia Persero Tbk PT (b)		8,289,700			2,628
Bank Tabungan Negara Persero Tbk PT		1,605,300			139
					13,161
HEALTH CARE 0.1%
Kalbe Farma Tbk PT		7,955,000			1,068
MATERIALS 0.2%
Indah Kiat Pulp & Paper Tbk PT		189,400			106
Indocement Tunggal Prakarsa Tbk PT		1,914,200			1,217
Semen Indonesia Persero Tbk PT		1,228,478			519
					1,842
UTILITIES 0.3%
Perusahaan Gas Negara Tbk PT		27,445,100			3,101
Total Indonesia					47,785
MALAYSIA 1.8%
COMMUNICATION SERVICES 0.2%
Astro Malaysia Holdings Bhd		1,147,500			169
Telekom Malaysia Bhd		1,251,400			1,534
					1,703
CONSUMER DISCRETIONARY 0.1%
Genting Bhd		1,432,500			1,457
CONSUMER STAPLES 0.0%
British American Tobacco Malaysia Bhd		64,300			164
ENERGY 0.1%
Hengyuan Refining Co. Bhd		189,600			152
Petronas Dagangan Bhd.		67,500			352
					504
FINANCIALS 0.9%
Alliance Bank Malaysia Bhd.		424,800			354
AMMB Holdings Bhd		1,367,300			1,286
Hong Leong Financial Group Bhd		114,500			483
Malayan Banking Bhd		3,157,700			6,236
Public Bank Bhd		1,215,800			1,192
RHB Bank Bhd		755,700			993
					10,544
INDUSTRIALS 0.3%
CAPITAL A BHD (b)		11,021,800			1,563
IJM Corp. Bhd.		1,884,600			685
MISC Bhd		452,900			771
					3,019

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2022 35

Schedule of Investments PIMCO RAE Emerging Markets Fund (Cont.)

	SHARES			MARKET VALUE (000S)
REAL ESTATE 0.0%
Mah Sing Group Bhd		2,754,600	$		353
UTILITIES 0.2%
Petronas Gas Bhd		157,100			610
Tenaga Nasional Bhd		852,300			1,863
YTL Power International Bhd		1,594,096			259
					2,732
Total Malaysia					20,476
MEXICO 4.0%
COMMUNICATION SERVICES 0.9%
America Movil SAB de CV		10,979,010			9,961
Grupo Televisa SAB		817,310			743
					10,704
CONSUMER DISCRETIONARY 0.1%
Nemak SAB de CV (b)		2,432,000			694
CONSUMER STAPLES 0.5%
Coca-Cola Femsa SAB de CV		205,510			1,391
Gruma SAB de CV		96,726			1,294
Grupo Bimbo SAB de CV		630,875			2,666
Wal-Mart de Mexico SAB de CV		230,900			813
					6,164
FINANCIALS 0.2%
Grupo Financiero Inbursa SAB de CV (b)		1,528,198			2,576
INDUSTRIALS 0.3%
Alfa SAB de CV		5,213,500			3,320
MATERIALS 2.0%
Alpek SAB de CV		939,400			1,330
Cemex SAB de CV (b)		47,488,054			19,203
Grupo Mexico SAB de CV		37,600			132
Orbia Advance Corp. SAB de CV		1,067,400			1,890
					22,555
Total Mexico					46,013
PHILIPPINES 0.7%
COMMUNICATION SERVICES 0.3%
Globe Telecom, Inc.		5,938			233
PLDT, Inc.		117,265			2,767
					3,000
ENERGY 0.1%
Semirara Mining & Power Corp.		2,414,400			1,502
INDUSTRIALS 0.2%
Alliance Global Group, Inc.		4,099,000			879
DMCI Holdings, Inc.		7,450,500			1,610
					2,489
UTILITIES 0.1%
Aboitiz Power Corp.		383,000			234

	SHARES			MARKET VALUE (000S)
First Gen Corp.		682,200	$		208
					442
Total Philippines					7,433
POLAND 0.6%
COMMUNICATION SERVICES 0.0%
Orange Polska SA		215,044			327
FINANCIALS 0.4%
Bank Polska Kasa Opieki SA		60,666			1,207
Powszechny Zaklad Ubezpieczen SA		269,946			2,192
Santander Bank Polska SA		27,039			1,610
					5,009
UTILITIES 0.2%
Enea SA (b)		158,388			217
PGE Polska Grupa Energetyczna SA (b)		987,197			1,558
					1,775
Total Poland					7,111
RUSSIA 0.0%
COMMUNICATION SERVICES 0.0%
Mobile TeleSystems PJSC «(d)		290,070			0
Rostelecom PJSC «(d)		341,490			0
Sistema PJSFC «(b)		1,963,160			0
					0
CONSUMER STAPLES 0.0%
Magnit PJSC «		93,763			0
ENERGY 0.0%
Gazprom PJSC «		3,725,600			0
LUKOIL PJSC «		254,140			0
					0
FINANCIALS 0.0%
Sberbank of Russia PJSC «		4,916,745			0
VTB Bank PJSC «(b)		23,863,615,853			32
					32
MATERIALS 0.0%
Alrosa PJSC «(b)		2,122,120			0
Magnitogorsk Iron & Steel Works PJSC «		6,974,129			0
MMC Norilsk Nickel PJSC «		3,797			0
Novolipetsk Steel PJSC «		3,113,725			0
Severstal PAO ^«(a)		339,609			0
					0
UTILITIES 0.0%
Inter RAO UES PJSC «		15,264,000			0
Rosseti PJSC «		88,235,012			0
Unipro PJSC «		3,938,000			0
					0
Total Russia					32

	SHARES			MARKET VALUE (000S)
SAUDI ARABIA 0.2%
COMMUNICATION SERVICES 0.2%
Saudi Telecom Co.		246,805	$		2,402
Total Saudi Arabia					2,402
SOUTH AFRICA 6.0%
COMMUNICATION SERVICES 1.1%
MTN Group Ltd.		1,150,081			8,589
MultiChoice Group		24,208			167
Telkom SA SOC Ltd. (b)		1,124,491			1,987
Vodacom Group Ltd.		350,327			2,530
					13,273
CONSUMER DISCRETIONARY 0.5%
Motus Holdings Ltd.		279,623			1,821
Truworths International Ltd.		714,886			2,307
Woolworths Holdings Ltd.		448,948			1,749
					5,877
CONSUMER STAPLES 0.8%
AVI Ltd.		104,774			464
Distell Group Holdings Ltd. (b)		59,750			621
Shoprite Holdings Ltd.		428,881			5,685
Tiger Brands Ltd.		202,018			2,497
					9,267
FINANCIALS 2.5%
Absa Group Ltd.		729,460			8,283
FirstRand Ltd.		476,236			1,730
Momentum Metropolitan Holdings		2,006,758			2,019
Nedbank Group Ltd.		536,170			6,708
Old Mutual Ltd.		2,506,533			1,538
Standard Bank Group Ltd.		879,555			8,678
					28,956
HEALTH CARE 0.3%
Life Healthcare Group Holdings Ltd.		878,163			872
Netcare Ltd.		2,639,396			2,257
					3,129
INDUSTRIALS 0.2%
Barloworld Ltd.		311,568			1,554
Zeda Ltd. (b)		311,568			250
					1,804
MATERIALS 0.6%
Sappi Ltd. (b)		664,755			1,927
Sasol Ltd.		325,532			5,195
					7,122
Total South Africa					69,428
SOUTH KOREA 14.6%
COMMUNICATION SERVICES 2.2%
KT Corp.		838,479			22,442
LG Uplus Corp.		49,807			436
SK Telecom Co. Ltd.		55,600			2,086
					24,964

36 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2022 (Unaudited)

	SHARES			MARKET VALUE (000S)
CONSUMER DISCRETIONARY 2.8%
Hankook Tire & Technology Co. Ltd.		90,323	$		2,230
Hyundai Mobis Co. Ltd.		12,967			2,057
Kia Corp.		255,005			11,998
LG Electronics, Inc.		188,640			12,969
LOTTE Himart Co. Ltd.		64,593			627
Lotte Shopping Co. Ltd. (d)		22,689			1,635
Shinsegae, Inc.		1,602			280
					31,796
CONSUMER STAPLES 0.8%
Amorepacific Corp.		11,343			1,242
Amorepacific Group		6,534			181
CJ CheilJedang Corp.		1,936			582
E-MART, Inc.		3,065			238
KT&G Corp.		98,151			7,094
					9,337
ENERGY 0.2%
SK Innovation Co. Ltd. (b)		19,939			2,436
FINANCIALS 1.6%
BNK Financial Group, Inc.		66,343			342
DB Insurance Co. Ltd.		88,796			4,603
Hanwha Life Insurance Co. Ltd. (b)		1,325,481			2,908
Hyundai Marine & Fire Insurance Co. Ltd.		201,176			4,687
Meritz Fire & Marine Insurance Co. Ltd.		63,588			2,518
Samsung Card Co. Ltd.		70,682			1,654
Samsung Fire & Marine Insurance Co. Ltd. (d)		5,627			890
Samsung Life Insurance Co. Ltd.		13,177			740
					18,342
INDUSTRIALS 2.8%
CJ Corp.		5,851			391
Daewoo Engineering & Construction Co. Ltd. (b)		162,646			539
Doosan Bobcat, Inc.		30,998			848
GS Holdings Corp. (d)		45,095			1,565
Hanwha Aerospace Co. Ltd.		26,764			1,559
Hanwha Corp.		224,071			4,560
Hyundai Engineering & Construction Co. Ltd.		257,772			7,126
Hyundai Glovis Co. Ltd. (d)		11,828			1,536
LG International Corp. (d)		171,801			4,628
LS Corp.		36,920			2,039
Posco International Corp.		368,259			6,610
SK Networks Co. Ltd.		89,504			275
					31,676
INFORMATION TECHNOLOGY 0.5%
LG Display Co. Ltd. (d)		605,630			5,985
Samsung SDS Co. Ltd.		3,348			326
					6,311
MATERIALS 2.1%
Dongkuk Steel Mill Co. Ltd.		130,097			1,150
Hanwha Solutions Corp. (b)		103,911			3,553
Kolon Industries, Inc.		62,579			2,042

	SHARES			MARKET VALUE (000S)
Lotte Chemical Corp. (d)		11,828	$		1,674
POSCO Holdings, Inc.		70,417			15,411
Taekwang Industrial Co. Ltd. (d)		327			193
					24,023
UTILITIES 1.6%
Korea Electric Power Corp.		954,503			16,483
Korea Gas Corp.		86,746			2,494
					18,977
Total South Korea					167,862
TAIWAN 8.1%
COMMUNICATION SERVICES 0.1%
Chunghwa Telecom Co. Ltd.		345,000			1,269
CONSUMER DISCRETIONARY 0.4%
Cheng Shin Rubber Industry Co. Ltd.		1,029,000			1,133
China Motor Corp.		765,000			1,280
Formosa Taffeta Co. Ltd.		330,000			287
Kenda Rubber Industrial Co. Ltd.		135,000			133
Pou Chen Corp.		113,000			126
Tong Yang Industry Co. Ltd.		1,019,000			1,422
					4,381
CONSUMER STAPLES 0.2%
President Chain Store Corp.		64,000			566
Uni-President Enterprises Corp.		1,032,000			2,233
					2,799
ENERGY 0.0%
Formosa Petrochemical Corp.		157,000			410
FINANCIALS 0.1%
CTBC Financial Holding Co. Ltd.		838,000			601
Shanghai Commercial & Savings Bank Ltd.		315,552			452
					1,053
INDUSTRIALS 0.2%
Teco Electric & Machinery Co. Ltd.		327,000			292
Walsin Lihwa Corp.		1,141,000			1,751
					2,043
INFORMATION TECHNOLOGY 7.0%
Acer, Inc.		2,308,000			1,762
Asustek Computer, Inc.		601,000			5,239
AUO Corp.		1,035,200			503
Catcher Technology Co. Ltd.		663,000			3,641
Chicony Electronics Co. Ltd.		519,000			1,454
Compal Electronics, Inc.		11,345,000			8,498
Compeq Manufacturing Co. Ltd.		629,000			907
Delta Electronics, Inc.		337,000			3,124
General Interface Solution Holding Ltd.		187,000			534
Hon Hai Precision Industry Co. Ltd.		5,322,316			17,251

	SHARES			MARKET VALUE (000S)
Inventec Corp.		6,103,000	$		5,209
Largan Precision Co. Ltd.		33,000			2,181
Lite-On Technology Corp.		2,531,035			5,231
Pegatron Corp.		4,882,000			10,073
Powertech Technology, Inc.		388,000			996
Primax Electronics Ltd.		824,000			1,485
Quanta Computer, Inc.		1,512,000			3,546
Radiant Opto-Electronics Corp.		35,000			119
Supreme Electronics Co. Ltd.		1,147,000			1,335
Synnex Technology International Corp.		451,650			868
Transcend Information, Inc.		140,000			300
Tripod Technology Corp.		84,000			256
Wistron Corp.		3,094,515			2,956
Wistron NeWeb Corp.		284,000			724
WPG Holdings Ltd.		1,531,320			2,391
					80,583
MATERIALS 0.1%
Asia Cement Corp.		220,000			293
Formosa Chemicals & Fibre Corp.		176,000			403
					696
Total Taiwan					93,234
THAILAND 8.5%
ENERGY 1.0%
IRPC PCL		16,871,000			1,469
PTT Exploration & Production PCL		605,700			3,085
PTT PCL		1,730,400			1,660
Star Petroleum Refining PCL		16,627,100			5,126
					11,340
FINANCIALS 7.1%
Bangkok Bank PCL		1,313,700			5,608
Kasikornbank PCL		6,271,700			26,663
Kiatnakin Bank PCL		1,105,400			2,352
Krung Thai Bank PCL		18,107,175			9,240
SCB PCL		7,982,700			24,625
Thanachart Capital PCL		5,586,504			6,857
Tisco Financial Group PCL		1,459,100			4,178
TMBThanachart Bank PCL		55,726,300			2,266
					81,789
HEALTH CARE 0.2%
Bangkok Dusit Medical Services PCL ‘F’		3,083,300			2,578
Bumrungrad Hospital PCL		59,800			366
					2,944
INDUSTRIALS 0.0%
Jasmine Broadband Internet Infrastructure Fund		2,000,600			465
INFORMATION TECHNOLOGY 0.0%
Cal-Comp Electronics Thailand PCL (d)		4,806,191			322
MATERIALS 0.1%
Siam City Cement PCL		142,600			632

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2022 37

Schedule of Investments PIMCO RAE Emerging Markets Fund (Cont.)

	SHARES			MARKET VALUE (000S)
REAL ESTATE 0.1%
Pruksa Holding PCL		767,800	$		292
Sansiri PCL		11,517,800			585
					877
Total Thailand					98,369
TURKEY 6.4%
COMMUNICATION SERVICES 0.3%
Turkcell Iletisim Hizmetleri AS		2,048,038			4,129
CONSUMER DISCRETIONARY 0.1%
Tofas Turk Otomobil Fabrikasi AS		68,672			607
CONSUMER STAPLES 0.1%
Anadolu Efes Biracilik Ve Malt Sanayii AS		246,711			894
ENERGY 0.4%
Turkiye Petrol Rafinerileri AS (b)		154,953			4,391
FINANCIALS 5.1%
Akbank TAS		10,728,853			11,215
Haci Omer Sabanci Holding AS		7,768,410			18,752
Is Yatirim Menkul Degerler AS		1,513,683			5,296
Turkiye Is Bankasi AS ‘C’		24,497,715			16,769
Yapi ve Kredi Bankasi AS		10,833,824			6,873
					58,905
INDUSTRIALS 0.2%
AG Anadolu Grubu Holding AS		361,260			2,132
UTILITIES 0.2%
Aygaz AS		612,640			3,132
Total Turkey					74,190
UNITED STATES 0.2%
CONSUMER DISCRETIONARY 0.2%
Nexteer Automotive Group Ltd.		4,061,000			2,648
Total United States					2,648
Total Common Stocks (Cost $1,101,003)					1,125,109

	SHARES			MARKET VALUE (000S)
PREFERRED STOCKS 1.1%
BRAZIL 1.0%
BANKING & FINANCE 0.2%
Banco do Estado do Rio Grande do Sul SA		1,503,200	$		2,764
INDUSTRIALS 0.2%
Braskem SA		525,795			2,386
UTILITIES 0.6%
Cia Energetica de Minas Gerais		2,309,109			4,777
Cia Paranaense de Energia		966,500			1,446
					6,223
Total Brazil					11,373
CHILE 0.1%
INDUSTRIALS 0.1%
Embotelladora Andina SA		399,787			980
Total Chile					980
RUSSIA 0.0%
UTILITIES 0.0%
Bashneft PJSC «		31,237			0
Transneft PJSC «		810			0
					0
Total Russia					0
Total Preferred Stocks (Cost $11,661)					12,353
REAL ESTATE INVESTMENT TRUSTS 0.1%
SOUTH AFRICA 0.1%
REAL ESTATE 0.1%
Redefine Properties Ltd.		3,894,988			970
Total Real Estate Investment Trusts (Cost $1,187)					970
RIGHTS 0.0%
INDONESIA 0.0%
FINANCIALS 0.0%
Bank Tabungan Negara Persero Tbk PT (b)		522,130			5
Total Indonesia					5

	SHARES			MARKET VALUE (000S)
SOUTH KOREA 0.0%
FINANCIALS 0.0%
Lotte Chemical Corp. (b)(d)		2,365	$		66
Total South Korea					66
Total Rights (Cost $0)					71
SHORT-TERM INSTRUMENTS 0.6%
REPURCHASE AGREEMENTS (f) 0.6%
					6,783
Total Short-Term Instruments (Cost $6,783)					6,783
Total Investments in Securities (Cost $1,120,634)					1,145,286
INVESTMENTS IN AFFILIATES 1.4%
SHORT-TERM INSTRUMENTS 1.4%
MUTUAL FUNDS 1.4%
PIMCO Government Money Market Fund
4.310% (c)(d)(e)		16,284,122			16,284
Total Short-Term Instruments (Cost $16,284)					16,284
Total Investments in Affiliates (Cost $16,284)					16,284
Total Investments 100.9% (Cost $1,136,918)			$		1,161,570
Other Assets and Liabilities, net (0.9)%					(10,110	)
Net Assets 100.0%			$		1,151,460

NOTES TO SCHEDULE OF INVESTMENTS:    

* A zero balance may reflect actual amounts rounding to less than one thousand.

^ Security is in default.

« Security valued using significant unobservable inputs (Level 3).

(a) Security is not accruing income as of the date of this report.

(b) Security did not produce income within the last twelve months.

(c) Institutional Class Shares of each Fund.

(d) Securities with an aggregate market value of $15,336 were out on loan in exchange for $16,372 of cash collateral as of December 31, 2022. The collateral was invested in a cash collateral reinvestment vehicle as described in Note 5 in the Notes to Financial Statements.

(e) Coupon represents a 7-Day Yield.

38 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2022 (Unaudited)

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(f)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to  be Received(1)
FICC		1.900	%		12/30/2022		01/03/2023	$	6,783	U.S. Treasury Bills 0.000% due 06/29/2023	$	(6,919	)	$	6,783	$	6,784
Total Repurchase Agreements											$	(6,919	)	$	6,783	$	6,784

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:

Counterparty	Repurchase Agreement Proceeds to  be Received(1)		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Securities Out on Loan		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure(2)
Global/Master Repurchase Agreement
FICC	$	6,784	$	0	$	0	$	0	$	6,784	$	(6,919	)	$	(135	)
Master Securities Lending Agreement
BCY		0		0		0		12,970		12,970		(13,629	)		(659	)
GSC		0		0		0		393		393		(420	)		(27	)
MSC		0		0		0		819		819		(860	)		(41	)
SAL		0		0		0		118		118		(124	)		(6	)
UBS		0		0		0		1,036		1,036		(1,339	)		(303	)
Total Borrowings and Other Financing Transactions	$	6,784	$	0	$	0	$	15,336

CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

Remaining Contractual Maturity of the Agreements

	Overnight and Continuous		Up to 30 days		31-90 days		Greater Than 90 days		Total
Securities Lending Transactions(3)
Common Stocks	$	16,372	$	0	$	0	$	0	$	16,372
Total Borrowings	$	16,372	$	0	$	0	$	0	$	16,372
Payable for securities on loan - cash collateral									$	16,372

⁽¹⁾ Includes accrued interest.

⁽²⁾ Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

⁽³⁾ Includes cash collateral as described in Note 5 in the Notes to Financial Statements.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial

Statements on risks of the Fund.

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2022:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	20	$	0	$	20

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2022 39

Schedule of Investments PIMCO RAE Emerging Markets Fund (Cont.)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2022
Investments in Securities, at Value
Common Stocks
Brazil
Communication Services	$	0	$	2,785	$	0	$	2,785
Consumer Discretionary		0		3,387		0		3,387
Energy		0		2,287		0		2,287
Financials		0		22,264		0		22,264
Industrials		0		4,730		0		4,730
Information Technology		0		18,664		0		18,664
Utilities		0		1,275		0		1,275
Chile
Communication Services		231		0		0		231
Consumer Discretionary		0		173		0		173
Consumer Staples		2,894		984		0		3,878
Utilities		3,331		0		0		3,331
China
Consumer Discretionary		12,052		3,746		0		15,798
Consumer Staples		0		2,112		0		2,112
Energy		0		49,213		0		49,213
Financials		0		126,254		0		126,254
Health Care		0		13,178		0		13,178
Industrials		0		11,003		0		11,003
Information Technology		0		14,601		0		14,601
Materials		0		6,355		0		6,355
Real Estate		0		2,108		169		2,277
Utilities		0		250		0		250
Greece
Communication Services		0		1,867		0		1,867
Consumer Discretionary		0		598		0		598
Energy		0		1,194		0		1,194
Financials		0		4,461		0		4,461
Hong Kong
Financials		0		923		0		923
Industrials		0		3,619		0		3,619
Real Estate		0		1,722		0		1,722
Utilities		0		16,607		0		16,607
India
Communication Services		0		1,016		0		1,016
Consumer Discretionary		0		14,962		0		14,962
Consumer Staples		0		9,900		0		9,900
Energy		0		32,578		0		32,578
Financials		0		21,114		679		21,793
Health Care		0		4,366		0		4,366
Industrials		0		7,347		0		7,347
Information Technology		0		3,228		0		3,228
Materials		0		46,849		0		46,849
Utilities		0		11,050		0		11,050
Indonesia
Communication Services		0		5,249		0		5,249
Consumer Discretionary		0		4,568		0		4,568
Consumer Staples		302		1,371		0		1,673
Energy		0		17,123		0		17,123
Financials		117		13,044		0		13,161
Health Care		0		1,068		0		1,068
Materials		0		1,842		0		1,842
Utilities		0		3,101		0		3,101
Malaysia
Communication Services		0		1,703		0		1,703
Consumer Discretionary		0		1,457		0		1,457
Consumer Staples		0		164		0		164
Energy		352		152		0		504
Financials		0		10,544		0		10,544
Industrials		0		3,019		0		3,019
Real Estate		0		353		0		353
Utilities		610		2,122		0		2,732

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2022
Mexico
Communication Services	$	10,704	$	0	$	0	$	10,704
Consumer Discretionary		694		0		0		694
Consumer Staples		6,164		0		0		6,164
Financials		2,576		0		0		2,576
Industrials		3,320		0		0		3,320
Materials		22,555		0		0		22,555
Philippines
Communication Services		0		3,000		0		3,000
Energy		0		1,502		0		1,502
Industrials		0		2,489		0		2,489
Utilities		0		442		0		442
Poland
Communication Services		0		327		0		327
Financials		0		5,009		0		5,009
Utilities		0		1,775		0		1,775
Russia
Financials		0		0		32		32
Saudi Arabia
Communication Services		0		2,402		0		2,402
South Africa
Communication Services		4,684		8,589		0		13,273
Consumer Discretionary		1,821		4,056		0		5,877
Consumer Staples		3,118		6,149		0		9,267
Financials		6,708		22,248		0		28,956
Health Care		0		3,129		0		3,129
Industrials		1,804		0		0		1,804
Materials		1,927		5,195		0		7,122
South Korea
Communication Services		0		24,964		0		24,964
Consumer Discretionary		0		31,796		0		31,796
Consumer Staples		0		9,337		0		9,337
Energy		0		2,436		0		2,436
Financials		0		18,342		0		18,342
Industrials		0		31,676		0		31,676
Information Technology		0		6,311		0		6,311
Materials		0		24,023		0		24,023
Utilities		0		18,977		0		18,977
Taiwan
Communication Services		0		1,269		0		1,269
Consumer Discretionary		0		4,381		0		4,381
Consumer Staples		0		2,799		0		2,799
Energy		0		410		0		410
Financials		0		1,053		0		1,053
Industrials		0		2,043		0		2,043
Information Technology		0		80,583		0		80,583
Materials		0		696		0		696
Thailand
Energy		0		11,340		0		11,340
Financials		0		81,789		0		81,789
Health Care		0		2,944		0		2,944
Industrials		0		465		0		465
Information Technology		0		322		0		322
Materials		0		632		0		632
Real Estate		0		877		0		877
Turkey
Communication Services		0		4,129		0		4,129
Consumer Discretionary		0		607		0		607
Consumer Staples		894		0		0		894
Energy		0		4,391		0		4,391
Financials		11,215		47,690		0		58,905
Industrials		0		2,132		0		2,132
Utilities		3,132		0		0		3,132
United States
Consumer Discretionary		0		2,648		0		2,648

40 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2022 (Unaudited)

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2022
Preferred Stocks
Brazil
Banking & Finance	$	0	$	2,764	$	0	$	2,764
Industrials		0		2,386		0		2,386
Utilities		0		6,223		0		6,223
Chile
Industrials		980		0		0		980
Real Estate Investment Trusts
South Africa
Real Estate		0		970		0		970
Rights
Indonesia
Financials		5		0		0		5

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2022
South Korea
Financials	$	0	$	66	$	0	$	66
Short-Term Instruments
Repurchase Agreements		0		6,783		0		6,783
	$	102,190	$	1,042,216	$	880	$	1,145,286
Investments in Affiliates, at Value
Short-Term Instruments
Mutual Funds		16,284		0		0		16,284
Total Investments	$	118,474	$	1,042,216	$	880	$	1,161,570

There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2022 41

Schedule of Investments PIMCO RAE Global ex-US Fund December 31, 2022 (Unaudited)

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 100.1%
MUTUAL FUNDS (a) 100.1%
UNITED STATES 100.1%
PIMCO RAE Emerging Markets Fund		2,377,245	$		20,278
PIMCO RAE International Fund		9,367,651			68,946
Total Mutual Funds (Cost $105,028)					89,224
Total Investments in Affiliates (Cost $105,028)					89,224
Total Investments 100.1% (Cost $105,028)			$		89,224
Other Assets and Liabilities, net (0.1)%					(59	)
Net Assets 100.0%			$		89,165

NOTES TO SCHEDULE OF INVESTMENTS:    

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Institutional Class Shares of each Fund.

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2022
Investments in Affiliates, at Value
Mutual Funds
United States	$	89,224	$	0	$	0	$	89,224
Total Investments	$	89,224	$	0	$	0	$	89,224

There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

42 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO RAE International Fund December 31, 2022 (Unaudited)

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.2%
COMMON STOCKS 98.1%
AUSTRALIA 4.9%
CONSUMER STAPLES 0.2%
Metcash Ltd.		406,986	$		1,101
ENERGY 0.5%
Ampol Ltd.		125,037			2,403
Viva Energy Group Ltd.		463,637			858
WorleyParsons Ltd.		31,522			322
					3,583
FINANCIALS 1.1%
AMP Ltd. (a)		1,128,840			1,004
Medibank Pvt Ltd.		718,293			1,433
Suncorp Group Ltd.		625,939			5,101
					7,538
INDUSTRIALS 0.2%
Aurizon Holdings Ltd.		572,705			1,451
Brambles Ltd.		35,190			288
					1,739
MATERIALS 1.8%
BHP Group Ltd.		104,702			3,243
BlueScope Steel Ltd.		80,045			912
Rio Tinto Ltd.		112,974			8,917
					13,072
UTILITIES 1.1%
AGL Energy Ltd.		1,490,304			8,158
Total Australia					35,191
AUSTRIA 0.4%
FINANCIALS 0.1%
Vienna Insurance Group AG Wiener Versicherung Gruppe		16,161			386
INDUSTRIALS 0.0%
Strabag SE		2,287			96
MATERIALS 0.3%
voestalpine AG		95,195			2,522
Total Austria					3,004
BELGIUM 0.6%
COMMUNICATION SERVICES 0.2%
Proximus SADP		112,892			1,090
CONSUMER STAPLES 0.0%
Etablissements Franz Colruyt NV		14,246			325
ENERGY 0.3%
Euronav NV		142,169			2,392
INDUSTRIALS 0.1%
bpost SA		105,485			542

	SHARES			MARKET VALUE (000S)
MATERIALS 0.0%
Bekaert SA		2,127	$		83
Total Belgium					4,432
CANADA 5.3%
CONSUMER DISCRETIONARY 2.2%
Canadian Tire Corp. Ltd. ‘A’		8,451			883
Gildan Activewear, Inc.		19,891			545
Linamar Corp.		1,900			86
Magna International, Inc.		256,067			14,384
					15,898
CONSUMER STAPLES 0.5%
George Weston Ltd.		5,161			640
Loblaw Cos., Ltd.		32,500			2,874
Saputo, Inc.		6,000			149
					3,663
ENERGY 1.2%
Parkland Corp.		11,600			254
Suncor Energy, Inc.		261,241			8,287
					8,541
FINANCIALS 0.2%
CI Financial Corp.		53,551			534
Onex Corp.		4,910			237
Sun Life Financial, Inc.		13,153			611
					1,382
INDUSTRIALS 0.6%
Finning International, Inc.		70,200			1,745
Thomson Reuters Corp.		21,129			2,410
					4,155
INFORMATION TECHNOLOGY 0.2%
Celestica, Inc. (a)		138,142			1,557
UTILITIES 0.4%
Atco Ltd. ‘I’		72,181			2,259
Canadian Utilities Ltd. ‘A’		21,381			579
					2,838
Total Canada					38,034
DENMARK 0.8%
CONSUMER STAPLES 0.0%
Schouw & Co. AS		2,344			176
HEALTH CARE 0.1%
H Lundbeck AS		193,406			724
H Lundbeck AS ‘A’ (a)		7,686			27
					751
INDUSTRIALS 0.7%
ISS AS (a)		213,112			4,511
Total Denmark					5,438
FINLAND 2.3%
CONSUMER DISCRETIONARY 0.0%
Nokian Renkaat Oyj (a)		14,402			148

	SHARES			MARKET VALUE (000S)
CONSUMER STAPLES 0.1%
Kesko Oyj ‘B’		16,913	$		374
FINANCIALS 0.8%
Nordea Bank Abp		545,663			5,845
HEALTH CARE 0.1%
Orion Oyj ‘B’		15,423			846
INDUSTRIALS 0.1%
Wartsila Oyj Abp		85,796			723
INFORMATION TECHNOLOGY 1.1%
Nokia Oyj		1,731,690			8,045
MATERIALS 0.1%
UPM-Kymmene Oyj		13,417			502
Total Finland					16,483
FRANCE 3.9%
COMMUNICATION SERVICES 0.3%
Orange SA		227,216			2,254
CONSUMER DISCRETIONARY 0.8%
Cie Generale des Etablissements Michelin SCA		36,081			1,005
Renault SA		45,020			1,503
Valeo SA		172,948			3,090
					5,598
CONSUMER STAPLES 0.9%
Carrefour SA		373,677			6,250
Casino Guichard Perrachon SA (a)(c)		29,077			304
					6,554
FINANCIALS 0.3%
AXA SA		75,419			2,101
HEALTH CARE 0.9%
Sanofi		69,376			6,690
INDUSTRIALS 0.5%
ALD SA		22,899			264
Cie de Saint-Gobain		60,956			2,982
					3,246
UTILITIES 0.2%
Engie SA		93,800			1,342
Total France					27,785
GERMANY 3.8%
COMMUNICATION SERVICES 0.2%
Telefonica Deutschland Holding AG		492,184			1,209
CONSUMER DISCRETIONARY 1.5%
Bayerische Motoren Werke AG		34,700			3,072
Continental AG		8,839			527

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2022 43

Schedule of Investments PIMCO RAE International Fund (Cont.)

	SHARES			MARKET VALUE (000S)
Mercedes-Benz Group AG		104,956	$		6,864
					10,463
CONSUMER STAPLES 0.5%
Metro AG		335,369			3,253
FINANCIALS 0.4%
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		8,000			2,587
Talanx AG		13,786			650
					3,237
HEALTH CARE 0.6%
Fresenius Medical Care AG & Co. KGaA		60,390			1,972
Fresenius SE & Co. KGaA		76,211			2,129
					4,101
INDUSTRIALS 0.2%
Brenntag SE		22,297			1,422
MATERIALS 0.4%
BASF SE		38,510			1,896
Evonik Industries AG		58,172			1,110
					3,006
UTILITIES 0.0%
Uniper SE (c)		106,089			292
Total Germany					26,983
HONG KONG 2.9%
COMMUNICATION SERVICES 0.0%
PCCW Ltd.		480,000			216
CONSUMER DISCRETIONARY 0.9%
Melco Resorts & Entertainment Ltd. ADR (a)		427,544			4,917
Skyworth Group Ltd.		2,414,215			1,031
Yue Yuen Industrial Holdings Ltd.		530,500			742
					6,690
CONSUMER STAPLES 0.2%
First Pacific Co. Ltd.		618,000			184
WH Group Ltd.		1,463,500			854
					1,038
INDUSTRIALS 0.1%
Hutchison Port Holdings Trust		4,160,500			805
INFORMATION TECHNOLOGY 0.3%
Kingboard Holdings Ltd.		364,000			1,154
Kingboard Laminates Holdings Ltd.		591,500			648
					1,802
MATERIALS 0.0%
Nine Dragons Paper Holdings Ltd.		255,000			232

	SHARES			MARKET VALUE (000S)
REAL ESTATE 1.4%
CK Asset Holdings Ltd.		479,500	$		2,941
Hongkong Land Holdings Ltd.		46,500			214
Kerry Properties Ltd.		433,000			939
Sun Hung Kai Properties Ltd.		24,000			328
Swire Pacific Ltd. ‘A’		462,500			4,054
Wharf Holdings Ltd.		620,000			1,819
					10,295
Total Hong Kong					21,078
ISRAEL 2.0%
COMMUNICATION SERVICES 0.5%
Bezeq The Israeli Telecommunication Corp. Ltd.		1,952,325			3,369
ENERGY 0.4%
Delek Group Ltd. (a)		6,352			700
Oil Refineries Ltd.		3,046,398			1,067
Paz Oil Co. Ltd. (a)		5,060			630
					2,397
FINANCIALS 0.0%
Plus500 Ltd.		9,666			210
HEALTH CARE 0.8%
Teva Pharmaceutical Industries Ltd. SP - ADR (a)		632,930			5,772
INFORMATION TECHNOLOGY 0.2%
Check Point Software Technologies Ltd. (a)		13,044			1,646
MATERIALS 0.1%
Israel Corp. Ltd.		1,591			561
REAL ESTATE 0.0%
G City Ltd.		74,071			225
Total Israel					14,180
ITALY 4.9%
ENERGY 3.0%
Eni SpA		1,509,491			21,464
FINANCIALS 0.4%
Assicurazioni Generali SpA		138,792			2,468
Unipol Gruppo SpA		63,800			311
UnipolSai Assicurazioni SpA		74,386			183
					2,962
INDUSTRIALS 0.1%
Leonardo SpA		45,769			394
UTILITIES 1.4%
Enel SpA		1,949,902			10,487
Total Italy					35,307
JAPAN 31.2%
COMMUNICATION SERVICES 3.3%
KDDI Corp.		198,200			6,011
Mixi, Inc.		62,700			1,170

	SHARES			MARKET VALUE (000S)
Nippon Telegraph & Telephone Corp.		548,200	$		15,634
Square Enix Holdings Co. Ltd.		16,900			784
					23,599
CONSUMER DISCRETIONARY 6.9%
Bridgestone Corp. (c)		169,700			6,009
Casio Computer Co. Ltd.		21,100			214
EDION Corp.		139,800			1,367
Exedy Corp.		39,300			479
H2O Retailing Corp.		112,200			1,093
Iida Group Holdings Co. Ltd.		6,900			105
Isuzu Motors Ltd.		453,600			5,259
Izumi Co. Ltd.		3,500			79
JTEKT Corp.		30,000			209
K’s Holdings Corp.		88,300			757
Mazda Motor Corp.		457,800			3,432
NHK Spring Co. Ltd.		25,800			164
Nikon Corp.		19,600			173
Nissan Motor Co. Ltd.		1,737,800			5,438
Paltac Corp.		8,400			294
Panasonic Holdings Corp.		1,292,500			10,817
Sega Sammy Holdings, Inc.		98,700			1,490
Sekisui House Ltd.		209,800			3,720
Shimamura Co. Ltd.		14,600			1,455
Subaru Corp.		290,300			4,395
Sumitomo Electric Industries Ltd.		27,200			307
Sumitomo Rubber Industries Ltd. (c)		34,300			298
Tokai Rika Co. Ltd.		24,100			256
Yamada Holdings Co. Ltd.		470,500			1,670
					49,480
CONSUMER STAPLES 1.3%
Arcs Co. Ltd.		9,900			165
Itoham Yonekyu Holdings, Inc.		121,700			646
Japan Tobacco, Inc. (c)		278,856			5,622
Kao Corp.		33,900			1,346
Mitsubishi Shokuhin Co. Ltd.		6,500			154
NH Foods Ltd.		6,200			173
Pola Orbis Holdings, Inc.		34,100			480
Sundrug Co. Ltd.		2,900			86
United Super Markets Holdings, Inc.		51,500			440
Yamazaki Baking Co. Ltd. (c)		16,100			192
					9,304
ENERGY 0.2%
Cosmo Energy Holdings Co. Ltd.		47,000			1,244
ENEOS Holdings, Inc.		27,500			94
					1,338
FINANCIALS 5.9%
Credit Saison Co. Ltd.		22,700			292
Japan Post Holdings Co. Ltd.		3,226,400			27,147
MS&AD Insurance Group Holdings, Inc.		253,900			8,117
Sompo Holdings, Inc.		59,800			2,646
Tokio Marine Holdings, Inc.		206,400			4,409
					42,611
HEALTH CARE 1.6%
Alfresa Holdings Corp.		74,000			940
Astellas Pharma, Inc.		215,300			3,274

44 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2022 (Unaudited)

	SHARES			MARKET VALUE (000S)
Daiichi Sankyo Co. Ltd.		91,500	$		2,945
Medipal Holdings Corp.		155,400			2,054
Otsuka Holdings Co. Ltd.		19,000			620
Suzuken Co. Ltd.		49,000			1,326
Toho Holdings Co. Ltd.		16,600			277
					11,436
INDUSTRIALS 4.1%
Amada Co. Ltd.		121,700			948
Dai Nippon Printing Co. Ltd.		144,700			2,907
Ebara Corp.		31,000			1,104
Fujikura Ltd.		130,300			979
Furukawa Electric Co. Ltd.		36,700			685
GS Yuasa Corp.		16,400			262
Hanwa Co. Ltd.		8,100			229
Hino Motors Ltd.		323,700			1,230
Inabata & Co. Ltd.		53,100			959
Kajima Corp.		51,100			595
Kamigumi Co. Ltd.		6,400			130
Kandenko Co. Ltd.		24,900			163
LIXIL Group Corp.		26,500			400
Mitsubishi Electric Corp.		166,100			1,646
Mitsubishi Heavy Industries Ltd.		57,100			2,256
Nabtesco Corp.		10,700			271
Nagase & Co. Ltd.		12,200			184
Nippon Steel Trading Corp.		17,400			1,219
Nisshinbo Holdings, Inc.		34,900			257
Persol Holdings Co. Ltd.		97,600			2,076
Secom Co. Ltd.		52,400			2,990
SG Holdings Co. Ltd.		52,200			724
Shimizu Corp.		31,600			169
Sojitz Corp.		51,420			980
Sumitomo Heavy Industries Ltd.		6,600			132
Taisei Corp.		76,300			2,460
Toppan, Inc.		33,200			490
Yamato Holdings Co. Ltd.		203,200			3,220
					29,665
INFORMATION TECHNOLOGY 3.4%
Alps Alpine Co. Ltd.		220,800			1,996
Brother Industries Ltd.		41,000			620
Canon Marketing Japan, Inc. (c)		13,300			301
Canon, Inc. (c)		398,750			8,631
Fujitsu Ltd.		52,900			7,052
Konica Minolta, Inc.		135,000			538
Nippon Electric Glass Co. Ltd.		5,000			89
Ricoh Co. Ltd.		335,800			2,556
SCREEN Holdings Co. Ltd.		8,900			567
Seiko Epson Corp.		89,500			1,302
Yokogawa Electric Corp.		40,700			646
					24,298
MATERIALS 1.8%
Daicel Corp.		183,600			1,321
DIC Corp. (c)		63,300			1,111
JFE Holdings, Inc.		42,700			495
Kaneka Corp.		21,800			542
Kuraray Co. Ltd.		9,800			78
Mitsui Chemicals, Inc.		46,000			1,033
Nippon Light Metal Holdings Co. Ltd.		17,900			206
Nitto Denko Corp.		87,100			5,017
Taiheiyo Cement Corp.		53,300			829

	SHARES			MARKET VALUE (000S)
Teijin Ltd. (a)		8,100	$		79
Toyo Seikan Group Holdings Ltd.		161,100			1,977
					12,688
REAL ESTATE 1.2%
Daito Trust Construction Co. Ltd.		77,600			7,945
Nomura Real Estate Holdings, Inc.		21,100			451
					8,396
UTILITIES 1.5%
Chubu Electric Power Co., Inc.		504,800			5,220
Electric Power Development Co. Ltd. ‘C’		162,600			2,582
Hokkaido Electric Power Co., Inc.		158,400			560
Hokuriku Electric Power Co.		57,800			240
Shikoku Electric Power Co., Inc.		17,500			101
Tohoku Electric Power Co., Inc.		417,700			2,188
					10,891
Total Japan					223,706
LUXEMBOURG 0.1%
COMMUNICATION SERVICES 0.1%
Millicom International Cellular SA (a)		10,569			134
RTL Group SA		8,919			375
					509
Total Luxembourg					509
NETHERLANDS 5.8%
COMMUNICATION SERVICES 0.0%
VEON Ltd. ADR «(a)		1,443,617			0
CONSUMER STAPLES 3.7%
Koninklijke Ahold Delhaize NV		930,177			26,744
HEALTH CARE 0.6%
Koninklijke Philips NV		281,660			4,238
INDUSTRIALS 1.0%
Randstad NV		92,089			5,627
Signify NV		37,738			1,270
					6,897
MATERIALS 0.5%
Akzo Nobel NV		52,853			3,547
Total Netherlands					41,426
NEW ZEALAND 0.3%
COMMUNICATION SERVICES 0.1%
Spark New Zealand Ltd.		197,175			675
INDUSTRIALS 0.1%
Air New Zealand Ltd. (a)		611,620			288
Fletcher Building Ltd.		285,130			854
					1,142

	SHARES			MARKET VALUE (000S)
UTILITIES 0.1%
Contact Energy Ltd.		99,546	$		487
Total New Zealand					2,304
NORWAY 0.5%
COMMUNICATION SERVICES 0.1%
Telenor ASA		44,399			415
INFORMATION TECHNOLOGY 0.0%
Atea ASA		25,243			295
MATERIALS 0.4%
Yara International ASA		57,962			2,545
Total Norway					3,255
PORTUGAL 1.2%
CONSUMER STAPLES 0.3%
Jeronimo Martins SGPS SA		47,419			1,026
Sonae SGPS SA		767,861			769
					1,795
ENERGY 0.5%
Galp Energia SGPS SA		274,824			3,707
MATERIALS 0.1%
Navigator Co. SA		254,420			941
UTILITIES 0.3%
EDP - Energias de Portugal SA		438,711			2,187
Total Portugal					8,630
SINGAPORE 0.7%
COMMUNICATION SERVICES 0.3%
JOYY, Inc. ADR		44,408			1,403
Singapore Telecommunications Ltd.		356,400			683
					2,086
CONSUMER STAPLES 0.0%
Golden Agri-Resources Ltd.		1,860,400			347
INDUSTRIALS 0.3%
ComfortDelGro Corp. Ltd.		833,500			766
Jardine Cycle & Carriage Ltd.		44,700			954
Keppel Corp. Ltd.		77,800			422
					2,142
INFORMATION TECHNOLOGY 0.1%
Venture Corp. Ltd.		42,400			541
Total Singapore					5,116
SPAIN 8.1%
COMMUNICATION SERVICES 2.4%
Telefonica SA		4,772,823			17,278
ENERGY 1.5%
Repsol SA		672,045			10,697

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2022 45

Schedule of Investments PIMCO RAE International Fund (Cont.)

	SHARES			MARKET VALUE (000S)
FINANCIALS 3.0%
Banco Bilbao Vizcaya Argentaria SA		1,003,108	$		6,042
Banco de Sabadell SA		3,860,418			3,629
Banco Santander SA		3,130,161			9,360
Mapfre SA		1,131,185			2,188
					21,219
INDUSTRIALS 0.3%
ACS Actividades de Construccion y Servicios SA		66,028			1,889
UTILITIES 0.9%
Endesa SA		95,851			1,806
Naturgy Energy Group SA		186,077			4,836
					6,642
Total Spain					57,725
SWEDEN 1.8%
COMMUNICATION SERVICES 0.0%
Telia Co. AB		112,001			286
CONSUMER DISCRETIONARY 0.2%
Electrolux AB (c)		20,158			272
Husqvarna AB ‘B’		119,955			843
JM AB		6,091			101
					1,216
FINANCIALS 0.2%
Ratos AB ‘B’		88,850			354
Swedbank AB ‘A’		55,623			946
					1,300
INDUSTRIALS 0.9%
Intrum AB		38,427			465
Loomis AB		4,840			133
Securitas AB ‘B’		203,984			1,702
Skanska AB ‘B’		25,589			405
SKF AB ‘B’		71,631			1,094
Volvo AB ‘B’		137,388			2,482
					6,281
INFORMATION TECHNOLOGY 0.4%
Telefonaktiebolaget LM Ericsson ‘B’		539,494			3,161
MATERIALS 0.1%
Hexpol AB		51,111			545
Total Sweden					12,789
SWITZERLAND 3.6%
CONSUMER DISCRETIONARY 0.8%
Swatch Group AG		20,524			5,833
CONSUMER STAPLES 0.7%
Coca-Cola HBC AG		12,337			292
Nestle SA		40,579			4,687
					4,979

	SHARES			MARKET VALUE (000S)
FINANCIALS 0.2%
Swiss Life Holding AG		456	$		235
Zurich Insurance Group AG		3,277			1,567
					1,802
INDUSTRIALS 0.8%
Adecco Group AG		133,518			4,392
Kuehne & Nagel International AG		5,301			1,232
					5,624
MATERIALS 1.1%
Glencore PLC		619,691			4,133
Holcim AG		70,364			3,642
					7,775
Total Switzerland					26,013
UNITED KINGDOM 12.9%
COMMUNICATION SERVICES 0.6%
Pearson PLC		89,774			1,013
WPP PLC		359,385			3,551
					4,564
CONSUMER DISCRETIONARY 0.9%
Berkeley Group Holdings PLC		6,082			277
Currys PLC		453,942			294
Inchcape PLC		333,147			3,289
Kingfisher PLC		546,361			1,552
Persimmon PLC		58,008			851
					6,263
CONSUMER STAPLES 0.9%
Imperial Brands PLC		183,600			4,574
Marks & Spencer Group PLC (a)		1,226,318			1,809
					6,383
ENERGY 4.3%
Shell PLC		1,046,395			29,499
Subsea 7 SA		92,266			1,068
					30,567
FINANCIALS 1.4%
Direct Line Insurance Group PLC		604,739			1,612
M&G PLC		3,166,204			7,160
Standard Life Aberdeen PLC		486,470			1,105
					9,877
HEALTH CARE 1.2%
GSK PLC		480,553			8,305
INDUSTRIALS 0.4%
International Distributions Services PLC		1,060,585			2,719
Travis Perkins PLC		27,872			298
					3,017
INFORMATION TECHNOLOGY 0.2%
Micro Focus International PLC		264,595			1,695

	SHARES			MARKET VALUE (000S)
MATERIALS 0.4%
Evraz PLC «		238,175	$		0
Johnson Matthey PLC		13,132			336
Mondi PLC		35,810			605
Rio Tinto PLC		29,832			2,100
					3,041
UTILITIES 2.6%
Centrica PLC		11,650,186			13,550
SSE PLC		262,359			5,396
					18,946
Total United Kingdom					92,658
UNITED STATES 0.1%
HEALTH CARE 0.1%
Bausch Health Cos., Inc. (a)		131,200			824
Total United States					824
Total Common Stocks (Cost $622,271)					702,870
PREFERRED STOCKS 0.3%
GERMANY 0.3%
INDUSTRIALS 0.3%
Henkel AG & Co. KGaA		4,070			282
Schaeffler AG		225,086			1,520
					1,802
Total Preferred Stocks (Cost $1,595)					1,802
REAL ESTATE INVESTMENT TRUSTS 0.8%
AUSTRALIA 0.6%
REAL ESTATE 0.6%
Scentre Group		1,092,196			2,126
Stockland		566,969			1,397
Vicinity Ltd.		387,336			523
					4,046
Total Australia					4,046
CANADA 0.2%
REAL ESTATE 0.2%
H&R Real Estate Investment Trust REIT		147,386			1,318
RioCan Real Estate Investment Trust (c)		33,842			528
					1,846
Total Canada					1,846
Total Real Estate Investment Trusts (Cost $5,423)					5,892
WARRANTS 0.0%
SPAIN 0.0%
INDUSTRIALS 0.0%
Abengoa SA ‘B’ - Exp. 03/31/2025 «		226,011			0
Total Warrants (Cost $0)					0
Total Investments in Securities (Cost $629,289)					710,564

46 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2022 (Unaudited)

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 3.4%
SHORT-TERM INSTRUMENTS 3.4%
MUTUAL FUNDS 3.4%
PIMCO Government Money Market Fund
4.310% (b)(c)(d)		24,710,031	$		24,710
Total Short-Term Instruments (Cost $24,710)					24,710
Total Investments in Affiliates (Cost $24,710)					24,710
Total Investments 102.6% (Cost $653,999)			$		735,274
Other Assets and Liabilities, net (2.6)%					(18,592	)
Net Assets 100.0%			$		716,682

NOTES TO SCHEDULE OF INVESTMENTS:

* A zero balance may reflect actual amounts rounding to less than one thousand.

« Security valued using significant unobservable inputs (Level 3).

(a) Security did not produce income within the last twelve months.

(b) Institutional Class Shares of each Fund.

(c) Securities with an aggregate market value of $23,326 were out on loan in exchange for $24,710 of cash collateral as of December 31, 2022. The collateral was invested in a cash collateral reinvestment vehicle as described in Note 5 in the Notes to Financial Statements.

(d) Coupon represents a 7-Day Yield.

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2021:

Counterparty	Repurchase Agreement Proceeds to be Received		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Securities Out on Loan		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure(1)
Master Securities Lending Agreement
BCY	$	0	$	0	$	0	$	2,422	$	2,422	$	(2,718	)	$	(296	)
BOS		0		0		0		72		72		(77	)		(5	)
BSN		0		0		0		576		576		(613	)		(37	)
GSC		0		0		0		13,973		13,973		(14,676	)		(703	)
MSC		0		0		0		192		192		(202	)		(10	)
SAL		0		0		0		5,606		5,606		(5,895	)		(289	)
UBS		0		0		0		485		485		(529	)		(44	)
Total Borrowings and Other Financing Transactions	$	0	$	0	$	0	$	23,326

CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

Remaining Contractual Maturity of the Agreements

	Overnight and Continuous		Up to 30 days		31-90 days		Greater Than 90 days		Total
Securities Lending Transactions(2)
Common Stocks	$	24,159	$	0	$	0	$	0	$	24,159
Real Estate Investment Trusts		551		0		0		0		551
Total Borrowings	$	24,710	$	0	$	0	$	0	$	24,710
Payable for securities on loan - cash collateral									$	24,710

⁽¹⁾ Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

⁽²⁾ Includes cash collateral as described in Note 5 in the Notes to Financial Statements.

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2022 47

Schedule of Investments PIMCO RAE International Fund (Cont.)

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial

Statements on risks of the Fund.

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2022:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts			Interest Rate Contracts		Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	(44	)	$	0	$	(44	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2022
Investments in Securities, at Value
Common Stocks
Australia
Consumer Staples	$	0	$	1,101	$	0	$	1,101
Energy		0		3,583		0		3,583
Financials		0		7,538		0		7,538
Industrials		0		1,739		0		1,739
Materials		0		13,072		0		13,072
Utilities		0		8,158		0		8,158
Austria
Financials		0		386		0		386
Industrials		96		0		0		96
Materials		0		2,522		0		2,522
Belgium
Communication Services		0		1,090		0		1,090
Consumer Staples		0		325		0		325
Energy		0		2,392		0		2,392
Industrials		0		542		0		542
Materials		0		83		0		83
Canada
Consumer Discretionary		15,898		0		0		15,898
Consumer Staples		3,663		0		0		3,663
Energy		8,541		0		0		8,541
Financials		1,382		0		0		1,382
Industrials		4,155		0		0		4,155
Information Technology		1,557		0		0		1,557
Utilities		2,838		0		0		2,838
Denmark
Consumer Staples		0		176		0		176
Health Care		27		724		0		751
Industrials		0		4,511		0		4,511
Finland
Consumer Discretionary		0		148		0		148
Consumer Staples		0		374		0		374
Financials		0		5,845		0		5,845
Health Care		0		846		0		846
Industrials		0		723		0		723
Information Technology		0		8,045		0		8,045
Materials		0		502		0		502
France
Communication Services		0		2,254		0		2,254
Consumer Discretionary		0		5,598		0		5,598
Consumer Staples		0		6,554		0		6,554
Financials		0		2,101		0		2,101
Health Care		0		6,690		0		6,690
Industrials		0		3,246		0		3,246
Utilities		0		1,342		0		1,342
Germany
Communication Services		0		1,209		0		1,209
Consumer Discretionary		0		10,463		0		10,463

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2022
Consumer Staples	$	0	$	3,253	$	0	$	3,253
Financials		0		3,237		0		3,237
Health Care		0		4,101		0		4,101
Industrials		0		1,422		0		1,422
Materials		0		3,006		0		3,006
Utilities		0		292		0		292
Hong Kong
Communication Services		0		216		0		216
Consumer Discretionary		4,917		1,773		0		6,690
Consumer Staples		0		1,038		0		1,038
Industrials		0		805		0		805
Information Technology		0		1,802		0		1,802
Materials		0		232		0		232
Real Estate		0		10,295		0		10,295
Israel
Communication Services		0		3,369		0		3,369
Energy		0		2,397		0		2,397
Financials		0		210		0		210
Health Care		5,772		0		0		5,772
Information Technology		1,646		0		0		1,646
Materials		0		561		0		561
Real Estate		0		225		0		225
Italy
Energy		0		21,464		0		21,464
Financials		0		2,962		0		2,962
Industrials		0		394		0		394
Utilities		0		10,487		0		10,487
Japan
Communication Services		0		23,599		0		23,599
Consumer Discretionary		0		49,480		0		49,480
Consumer Staples		0		9,304		0		9,304
Energy		0		1,338		0		1,338
Financials		0		42,611		0		42,611
Health Care		0		11,436		0		11,436
Industrials		0		29,665		0		29,665
Information Technology		0		24,298		0		24,298
Materials		0		12,688		0		12,688
Real Estate		0		8,396		0		8,396
Utilities		0		10,891		0		10,891
Luxembourg
Communication Services		0		509		0		509
Netherlands
Consumer Staples		0		26,744		0		26,744
Health Care		0		4,238		0		4,238
Industrials		0		6,897		0		6,897
Materials		0		3,547		0		3,547
New Zealand
Communication Services		0		675		0		675
Industrials		0		1,142		0		1,142
Utilities		0		487		0		487

48 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2022 (Unaudited)

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2022
Norway
Communication Services	$	0	$	415	$	0	$	415
Information Technology		0		295		0		295
Materials		0		2,545		0		2,545
Portugal
Consumer Staples		0		1,795		0		1,795
Energy		0		3,707		0		3,707
Materials		0		941		0		941
Utilities		0		2,187		0		2,187
Singapore
Communication Services		1,403		683		0		2,086
Consumer Staples		0		347		0		347
Industrials		0		2,142		0		2,142
Information Technology		0		541		0		541
Spain
Communication Services		0		17,278		0		17,278
Energy		0		10,697		0		10,697
Financials		0		21,219		0		21,219
Industrials		0		1,889		0		1,889
Utilities		0		6,642		0		6,642
Sweden
Communication Services		0		286		0		286
Consumer Discretionary		0		1,216		0		1,216
Financials		0		1,300		0		1,300
Industrials		0		6,281		0		6,281
Information Technology		0		3,161		0		3,161
Materials		0		545		0		545
Switzerland
Consumer Discretionary		0		5,833		0		5,833
Consumer Staples		0		4,979		0		4,979
Financials		0		1,802		0		1,802
Industrials		0		5,624		0		5,624
Materials		0		7,775		0		7,775

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2022
United Kingdom
Communication Services	$	0	$	4,564	$	0	$	4,564
Consumer Discretionary		0		6,263		0		6,263
Consumer Staples		0		6,383		0		6,383
Energy		0		30,567		0		30,567
Financials		0		9,877		0		9,877
Health Care		0		8,305		0		8,305
Industrials		0		3,017		0		3,017
Information Technology		0		1,695		0		1,695
Materials		0		3,041		0		3,041
Utilities		0		18,946		0		18,946
United States
Health Care		824		0		0		824
Preferred Stocks
Germany
Industrials		0		1,802		0		1,802
Real Estate Investment Trusts
Australia
Real Estate		0		4,046		0		4,046
Canada
Real Estate		1,846		0		0		1,846
	$	54,565	$	655,999	$	0	$	710,564
Investments in Affiliates, at Value
Short-Term Instruments
Mutual Funds		24,710		0		0		24,710
Total Investments	$	79,275	$	655,999	$	0	$	735,274

There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2022 49

Schedule of Investments PIMCO RAE US Fund

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)

	SHARES		MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.7%
COMMON STOCKS 98.0%
UNITED KINGDOM 0.3%
CONSUMER DISCRETIONARY 0.3%
Capri Holdings Ltd. (a)	39,853	$	2,284
Total United Kingdom			2,284
UNITED STATES 97.7%
COMMUNICATION SERVICES 2.0%
Altice USA, Inc. ‘A’ (a)	167,374		770
AT&T, Inc.	705,468		12,988
Liberty Media Corp.-Liberty SiriusXM ‘C’ (a)	41,196		1,612
Lumen Technologies, Inc.	222,047		1,159
Verizon Communications, Inc.	102,914		4,055
			20,584
CONSUMER DISCRETIONARY 5.6%
AutoNation, Inc. (a)	7,251		778
Bed Bath & Beyond, Inc. (a)(c)	485,385		1,218
Best Buy Co., Inc.	67,841		5,442
Dick’s Sporting Goods, Inc.	7,347		884
Dollar General Corp.	20,268		4,991
eBay, Inc.	250,856		10,403
Foot Locker, Inc.	112,035		4,234
Gap, Inc.	142,080		1,603
Goodyear Tire & Rubber Co. (a)	129,124		1,311
Kohl’s Corp.	449,906		11,360
Macy’s, Inc.	386,508		7,981
Nordstrom, Inc.	73,309		1,183
PulteGroup, Inc.	7,078		322
Qurate Retail, Inc. (a)	716,221		1,168
Target Corp.	17,602		2,623
Whirlpool Corp.	9,359		1,324
Yum! Brands, Inc.	1,992		255
			57,080
CONSUMER STAPLES 8.9%
Altria Group, Inc.	276,293		12,629
Kroger Co.	295,837		13,188
Philip Morris International, Inc.	40,150		4,064
Sysco Corp.	15,531		1,187
Walgreens Boots Alliance, Inc.	391,126		14,613
Walmart, Inc.	324,540		46,017
			91,698
ENERGY 19.6%
Baker Hughes Co.	27,895		824
ConocoPhillips	170,901		20,166
Exxon Mobil Corp.	416,902		45,984
Marathon Oil Corp.	224,996		6,091
Marathon Petroleum Corp.	356,211		41,459
NOV, Inc.	51,270		1,071
PBF Energy, Inc. ‘A’	87,364		3,563
Phillips 66	292,703		30,464
Transocean Ltd. (a)	613,938		2,800
Valero Energy Corp.	367,987		46,683
World Fuel Services Corp.	61,045		1,668
			200,773

	SHARES		MARKET VALUE (000S)
FINANCIALS 8.1%
Allstate Corp.	26,789	$	3,633
Ally Financial, Inc.	158,223		3,869
American Express Co.	11,800		1,743
Ameriprise Financial, Inc.	13,451		4,188
Bank of New York Mellon Corp.	33,256		1,514
Discover Financial Services	84,309		8,248
Franklin Resources, Inc.	192,253		5,072
Genworth Financial, Inc. ‘A’ (a)	438,428		2,319
Invesco Ltd.	21,987		396
Loews Corp.	18,150		1,059
Navient Corp.	275,395		4,530
Synchrony Financial	455,878		14,980
Travelers Cos., Inc.	33,619		6,303
Unum Group	18,827		772
Wells Fargo & Co.	605,022		24,981
			83,607
HEALTH CARE 23.0%
Amgen, Inc.	138,911		36,484
Biogen, Inc. (a)	66,981		18,548
Cardinal Health, Inc.	315,407		24,245
Cigna Corp.	26,720		8,853
DaVita, Inc. (a)	46,484		3,471
Elevance Health, Inc.	35,405		18,162
Gilead Sciences, Inc.	335,226		28,779
Humana, Inc.	29,129		14,920
Johnson & Johnson	50,910		8,993
McKesson Corp.	81,496		30,571
Merck & Co., Inc.	251,130		27,863
Organon & Co.	114,019		3,185
Pfizer, Inc.	172,565		8,842
Universal Health Services, Inc. ‘B’	14,307		2,016
Waters Corp. (a)	4,473		1,532
			236,464
INDUSTRIALS 3.6%
AECOM	4,536		385
Carlisle Cos., Inc.	1,795		423
CH Robinson Worldwide, Inc.	21,989		2,013
CSX Corp.	34		1
Cummins, Inc.	4,557		1,104
Eaton Corp. PLC	41,477		6,510
Fluor Corp. (a)	286,449		9,928
Honeywell International, Inc.	2,751		590
Illinois Tool Works, Inc.	4,600		1,013
ManpowerGroup, Inc.	59,587		4,958
Quanta Services, Inc.	19,302		2,751
Robert Half International, Inc.	18,065		1,334
Union Pacific Corp.	26,469		5,481
WW Grainger, Inc.	720		401
			36,892
INFORMATION TECHNOLOGY 20.1%
Apple, Inc.	275,615		35,811
Applied Materials, Inc.	19,742		1,923
Arrow Electronics, Inc. (a)	44,763		4,681
Avnet, Inc.	102,565		4,265
Bread Financial Holdings, Inc.	86,084		3,242
Cisco Systems, Inc.	1,016,856		48,443
Cognizant Technology Solutions Corp. ‘A’	26,650		1,524

	SHARES		MARKET VALUE (000S)
DXC Technology Co. (a)	55,749	$	1,477
Gen Digital, Inc.	278,877		5,976
Hewlett Packard Enterprise Co.	389,597		6,218
HP, Inc.	180,035		4,838
Intel Corp.	1,128,916		29,837
Jabil, Inc.	64,156		4,375
Juniper Networks, Inc.	199,100		6,363
KLA Corp.	3,306		1,246
Kyndryl Holdings, Inc. (a)	38,608		429
NetApp, Inc.	156,599		9,405
Oracle Corp.	145,067		11,858
Qorvo, Inc. (a)	22,713		2,059
QUALCOMM, Inc.	99,609		10,951
Seagate Technology Holdings PLC	131,512		6,919
Skyworks Solutions, Inc.	3,185		290
Texas Instruments, Inc.	3,891		643
Western Digital Corp. (a)	32,300		1,019
Western Union Co.	7,513		103
Xerox Holdings Corp.	165,450		2,416
			206,311
MATERIALS 0.8%
CF Industries Holdings, Inc.	28,461		2,425
International Paper Co.	21,972		761
Reliance Steel & Aluminum Co.	22,888		4,633
			7,819
REAL ESTATE 0.0%
Jones Lang LaSalle, Inc. (a)	2,513		401
UTILITIES 6.0%
AES Corp.	194,814		5,603
Evergy, Inc.	148,157		9,323
Exelon Corp.	313,508		13,553
FirstEnergy Corp.	2,878		121
NRG Energy, Inc.	100,033		3,183
Pinnacle West Capital Corp.	11,332		862
PPL Corp.	88,302		2,580
Public Service Enterprise Group, Inc.	45,279		2,774
Southern Co.	131,516		9,392
Vistra Corp.	602,885		13,987
WEC Energy Group, Inc.	1		0
			61,378
Total United States			1,003,007
Total Common Stocks (Cost $787,424)			1,005,291
REAL ESTATE INVESTMENT TRUSTS 1.2%
UNITED STATES 1.2%
REAL ESTATE 1.2%
Host Hotels & Resorts, Inc.	340,983		5,473
Iron Mountain, Inc.	37,035		1,846
Park Hotels & Resorts, Inc.	53,330		629
Ventas, Inc.	5,709		257
Weyerhaeuser Co.	135,268		4,193
			12,398
Total Real Estate Investment Trusts (Cost $12,576)			12,398

50 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2022 (Unaudited)

		MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 0.5%
REPURCHASE AGREEMENTS (e) 0.5%
	$	5,467
Total Short-Term Instruments (Cost $5,467)		5,467
Total Investments in Securities (Cost $805,467)		1,023,156

	SHARES		MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 0.1%
SHORT-TERM INSTRUMENTS 0.1%
MUTUAL FUNDS 0.1%
PIMCO Government Money Market Fund
4.310% (b)(c)(d)	1,240,386	$	1,240
Total Short-Term Instruments (Cost $1,240)			1,240
Total Investments in Affiliates (Cost $1,240)			1,240
Total Investments 99.8% (Cost $806,707)		$	1,024,396
Other Assets and Liabilities, net 0.2%			2,076
Net Assets 100.0%		$	1,026,472

NOTES TO SCHEDULE OF INVESTMENTS:    

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Security did not produce income within the last twelve months.

(b) Institutional Class Shares of each Fund.

(c) Securities with an aggregate market value of $1,221 were out on loan in exchange for $1,252 of cash collateral as of December 31, 2022. The collateral was invested in a cash collateral reinvestment vehicle as described in Note 5 in the Notes to Financial Statements.

(d) Coupon represents a 7-Day Yield.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(e)   REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to  be Received(1)
FICC		1.900	%		12/30/2022		01/03/2023	$	5,467	U.S. Treasury Bills 0.000% due 06/29/2023	$	(5,576	)	$	5,467	$	5,468
Total Repurchase Agreements											$	(5,576	)	$	5,467	$	5,468

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:

Counterparty	Repurchase Agreement Proceeds to  be Received(1)		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Securities Out on Loan		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure(2)
Global/Master Repurchase Agreement
FICC	$	5,468	$	0	$	0	$	0	$	5,468	$	(5,576	)	$	(108	)
Master Securities Lending Agreement
BOS		0		0		0		196		196		(203	)		(7	)
GSC		0		0		0		1,025		1,025		(1,049	)		(24	)
Total Borrowings and Other Financing Transactions	$	5,468	$	0	$	0	$	1,221

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2022 51

Schedule of Investments PIMCO RAE US Fund (Cont.) December 31, 2022 (Unaudited)

CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

Remaining Contractual Maturity of the Agreements

	Overnight and Continuous		Up to 30 days		31-90 days		Greater Than 90 days		Total
Securities Lending Transactions(3)
Consumer Discretionary	$	1,049	$	0	$	0	$	0	$	1,049
Common Stocks		203		0		0		0		203
Total Borrowings	$	1,252	$	0	$	0	$	0	$	1,252
Payable for securities on loan - cash collateral									$	1,252

⁽¹⁾ Includes accrued interest.

⁽²⁾ Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information

⁽³⁾ Includes cash collateral as described in Note 5 in the Notes to Financial Statements.

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2022
Investments in Securities, at Value
Common Stocks
United Kingdom
Consumer Discretionary	$	2,284	$	0	$	0	$	2,284
United States
Communication Services		20,584		0		0		20,584
Consumer Discretionary		57,080		0		0		57,080
Consumer Staples		91,698		0		0		91,698
Energy		200,773		0		0		200,773
Financials		83,607		0		0		83,607
Health Care		236,464		0		0		236,464
Industrials		36,892		0		0		36,892
Information Technology		206,311		0		0		206,311
Materials		7,819		0		0		7,819

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2022
Real Estate	$	401	$	0	$	0	$	401
Utilities		61,378		0		0		61,378
Real Estate Investment Trusts
United States
Real Estate		12,398		0		0		12,398
Short-Term Instruments
Repurchase Agreements		0		5,467		0		5,467
	$	1,017,689	$	5,467	$	0	$	1,023,156
Investments in Affiliates, at Value
Short-Term Instruments
Mutual Funds		1,240		0		0		1,240
Total Investments	$	1,018,929	$	5,467	$	0	$	1,024,396

There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

52 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO RAE US Small Fund December 31, 2022 (Unaudited)

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.8%
COMMON STOCKS 88.0%
UNITED KINGDOM 2.0%
ENERGY 1.2%
TechnipFMC PLC (a)		666,580	$		8,126
FINANCIALS 0.7%
Janus Henderson Group PLC		211,289			4,969
INFORMATION TECHNOLOGY 0.1%
Paysafe Ltd. (a)		19,734			274
Total United Kingdom					13,369
UNITED STATES 86.0%
COMMUNICATION SERVICES 1.3%
AMC Networks, Inc. ‘A’ (a)		152,563			2,391
Cinemark Holdings, Inc. (a)		14,462			125
NII Holdings, Inc. (a)		22,836			55
Scholastic Corp.		49,790			1,965
Sinclair Broadcast Group, Inc. ‘A’		50,014			776
Yelp, Inc. (a)		128,754			3,520
					8,832
CONSUMER DISCRETIONARY 16.5%
Abercrombie & Fitch Co. ‘A’ (a)		481,500			11,031
Academy Sports & Outdoors, Inc.		52,429			2,755
Adtalem Global Education, Inc. (a)		179,074			6,357
American Eagle Outfitters, Inc.		26,316			367
Buckle, Inc.		61,490			2,789
Designer Brands, Inc.’A’		159,395			1,559
Dillard’s, Inc. ‘A’ (c)		94,761			30,627
G-III Apparel Group Ltd. (a)		102,403			1,404
GameStop Corp. ‘A’ (a)(c)		19,765			365
Genesco, Inc. (a)		21,673			997
Group 1 Automotive, Inc.		1,851			334
Guess?, Inc.		118,717			2,456
H&R Block, Inc.		163,106			5,955
iRobot Corp. (a)		42,443			2,043
La-Z-Boy, Inc.		13,283			303
Laureate Education, Inc. ‘A’		75,175			723
Murphy USA, Inc.		64,897			18,141
ODP Corp. (a)		146,013			6,649
Signet Jewelers Ltd.		11,406			776
Sleep Number Corp. (a)		86,320			2,243
Sonic Automotive, Inc. ‘A’		20,028			987
Steven Madden Ltd.		21,619			691
Travel & Leisure Co.		16,695			608
Tri Pointe Homes, Inc. (a)		54,758			1,018
Tupperware Brands Corp. (a)		303,996			1,258
Visteon Corp. (a)		70,553			9,230
Wolverine World Wide, Inc.		30,527			334
					112,000
CONSUMER STAPLES 5.8%
Fresh Del Monte Produce, Inc.		107,976			2,828
Fresh Market, Inc. (a)		3,535			2
Ingles Markets, Inc. ‘A’		54,021			5,211
National Beverage Corp. (a)		17,625			820
Nu Skin Enterprises, Inc. ‘A’		153,269			6,462
SpartanNash Co.		123,690			3,740

	SHARES			MARKET VALUE (000S)
Sprouts Farmers Market, Inc. (a)		327,347	$		10,596
United Natural Foods, Inc. (a)		26,416			1,023
Universal Corp.		49,017			2,589
USANA Health Sciences, Inc. (a)		13,445			715
Vector Group Ltd.		48,851			579
Weis Markets, Inc.		56,413			4,642
					39,207
ENERGY 16.5%
Arch Resources, Inc.		6,436			919
Archrock, Inc.		60,080			539
CNX Resources Corp. (a)		494,047			8,320
CVR Energy, Inc.		275,647			8,639
Delek U.S. Holdings, Inc.		438,560			11,841
Dril-Quip, Inc. (a)		25,638			697
Green Plains, Inc. (a)		52,426			1,599
Helmerich & Payne, Inc.		487,032			24,142
Kosmos Energy Ltd. (a)		253,564			1,613
Murphy Oil Corp.		186,619			8,026
Nabors Industries Ltd. (a)		39,339			6,092
Oceaneering International, Inc. (a)		703,812			12,310
Patterson-UTI Energy, Inc.		1,051,097			17,700
Peabody Energy Corp. (a)		26,648			704
Permian Resources Corp.		716,692			6,737
RPC, Inc.		227,423			2,022
					111,900
FINANCIALS 6.5%
Affiliated Managers Group, Inc.		50,604			8,017
American Equity Investment Life Holding Co.		77,704			3,545
Associated Banc-Corp.		45,456			1,050
BankUnited, Inc.		23,768			807
Banner Corp.		2,378			150
BGC Partners, Inc. ‘A’		201,611			760
Brightsphere Investment Group, Inc.		160,621			3,306
Capitol Federal Financial, Inc.		61,527			532
Cathay General Bancorp		17,558			716
Columbia Banking System, Inc.		5,343			161
Federated Hermes, Inc. ‘B’		28,025			1,018
First Hawaiian, Inc.		34,063			887
FirstCash Holdings, Inc.		2,957			257
FNB Corp.		37,315			487
Hilltop Holdings, Inc.		21,005			630
Hope Bancorp, Inc.		22,277			285
International Bancshares Corp.		12,864			589
Mercury General Corp.		7,148			244
Nelnet, Inc. ‘A’		6,267			569
Old National Bancorp		9,266			167
OneMain Holdings, Inc.		118,957			3,962
PacWest Bancorp		24,955			573
ProAssurance Corp.		145,312			2,539
PROG Holdings, Inc. (a)		217,521			3,674
SEI Investments Co.		31,580			1,841
Trustmark Corp.		16,169			564
Washington Federal, Inc.		104,481			3,505
White Mountains Insurance Group Ltd.		2,405			3,402
					44,237
HEALTH CARE 8.5%
Acadia Healthcare Co., Inc. (a)		27,839			2,292

	SHARES			MARKET VALUE (000S)
Allscripts Healthcare Solutions, Inc. (a)		171,120	$		3,019
Brookdale Senior Living, Inc. (a)		134,234			366
Community Health Systems, Inc. (a)		413,215			1,785
Emergent BioSolutions, Inc. (a)		45,143			533
Ionis Pharmaceuticals, Inc. (a)		93,126			3,517
LHC Group, Inc. (a)		22,353			3,614
Myriad Genetics, Inc. (a)		331,195			4,806
Nektar Therapeutics (a)		143,063			323
OPKO Health, Inc. (a)		22,772			29
Owens & Minor, Inc. (a)		220,773			4,312
Patterson Cos., Inc.		427,761			11,990
Pediatrix Medical Group, Inc. (a)		463,515			6,888
Sage Therapeutics, Inc. (a)		34,487			1,315
United Therapeutics Corp. (a)		45,557			12,669
					57,458
INDUSTRIALS 10.2%
AAR Corp. (a)		60,175			2,702
Allison Transmission Holdings, Inc.		239,827			9,977
Apogee Enterprises, Inc.		64,337			2,860
Applied Industrial Technologies, Inc.		3,514			443
Boise Cascade Co.		4,997			343
Brady Corp. ‘A’		7,859			370
CoreCivic, Inc. (a)		553,845			6,402
Deluxe Corp.		98,080			1,665
Dycom Industries, Inc. (a)		48,941			4,581
EMCOR Group, Inc.		5,977			885
EnerSys		8,462			625
FTI Consulting, Inc. (a)		26,434			4,198
GrafTech International Ltd.		161,374			768
Healthcare Services Group, Inc.		210,986			2,532
HNI Corp.		19,379			551
Landstar System, Inc.		7,326			1,193
Moog, Inc. ‘A’		5,000			439
Mueller Industries, Inc.		3,637			215
NOW, Inc. (a)		358,811			4,557
Pitney Bowes, Inc.		396,516			1,507
Primoris Services Corp.		9,066			199
Rush Enterprises, Inc. ‘A’		16,714			874
Ryder System, Inc.		40,230			3,362
Schneider National, Inc. ‘B’		151,886			3,554
Steelcase, Inc. ‘A’		134,914			954
Terex Corp.		10,254			438
TrueBlue, Inc. (a)		86,016			1,684
Valmont Industries, Inc.		2,497			826
Veritiv Corp.		29,269			3,562
Watsco, Inc.		23,679			5,906
Werner Enterprises, Inc.		14,710			592
					68,764
INFORMATION TECHNOLOGY 9.6%
Amkor Technology, Inc.		27,705			664
Avaya Holdings Corp. (a)(c)		578,800			113
Belden, Inc.		5,417			390
Benchmark Electronics, Inc.		133,069			3,552
Cirrus Logic, Inc. (a)		53,076			3,953
CommScope Holding Co., Inc. (a)		208,727			1,534
Conduent, Inc. (a)		972,369			3,938
CSG Systems International, Inc.		45,122			2,581
Insight Enterprises, Inc. (a)		19,034			1,909
InterDigital, Inc.		11,218			555

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2022 53

Schedule of Investments PIMCO RAE US Small Fund (Cont.)

	SHARES			MARKET VALUE (000S)
Knowles Corp. (a)		33,196	$		545
LiveRamp Holdings, Inc. (a)		11,302			265
NetScout Systems, Inc. (a)		248,204			8,069
PC Connection, Inc.		14,756			692
Plexus Corp. (a)		5,688			585
Sabre Corp. (a)		179,776			1,111
Sanmina Corp. (a)		271,949			15,580
Synaptics, Inc. (a)		42,223			4,018
Teradata Corp. (a)		301,412			10,146
TTM Technologies, Inc. (a)		67,955			1,025
Vishay Intertechnology, Inc.		184,090			3,971
					65,196
MATERIALS 5.4%
Cabot Corp.		14,047			939
Carpenter Technology Corp.		11,813			436
Graphic Packaging Holding Co.		41,803			930
Innospec, Inc.		4,663			480
Kaiser Aluminum Corp.		6,159			468
Louisiana-Pacific Corp.		8,706			515
NewMarket Corp.		5,556			1,728
O-I Glass, Inc. (a)		137,836			2,284
Sensient Technologies Corp.		12,461			909
Stepan Co.		3,039			324
Sylvamo Corp.		107,018			5,200
Trinseo PLC		81,908			1,860
Warrior Met Coal, Inc.		599,558			20,769
					36,842
REAL ESTATE 1.6%
Anywhere Real Estate, Inc. (a)		1,550,166			9,905
DigitalBridge Group, Inc.		81,700			894
New York REIT, Inc. «(a)		4,082			22
					10,821

	SHARES			MARKET VALUE (000S)
UTILITIES 4.1%
Avista Corp.		54,878	$		2,433
Hawaiian Electric Industries, Inc.		36,526			1,529
IDACORP, Inc.		31,747			3,424
NorthWestern Corp.		23,968			1,422
OGE Energy Corp.		349,645			13,828
ONE Gas, Inc.		12,581			953
Portland General Electric Co.		43,115			2,113
Southwest Gas Holdings, Inc.		22,091			1,367
Spire, Inc.		8,327			573
					27,642
Total United States					582,899
Total Common Stocks (Cost $532,505)					596,268
REAL ESTATE INVESTMENT TRUSTS 11.2%
UNITED STATES 11.2%
FINANCIALS 1.9%
Chimera Investment Corp.		1,590,993			8,751
Ladder Capital Corp. REIT		30,859			310
MFA Financial, Inc.		395,778			3,898
					12,959
REAL ESTATE 9.3%
Alexander & Baldwin, Inc.		63,587			1,191
Apple Hospitality REIT, Inc.		466,117			7,355
Brandywine Realty Trust		70,881			436
DiamondRock Hospitality Co.		65,464			536
Elme Communities		11,433			204
Equity Commonwealth		26,570			664
InvenTrust Properties Corp.		115,999			2,746
Macerich Co.		446,720			5,030
Office Properties Income Trust		147,879			1,974
Omega Healthcare Investors, Inc.		147,113			4,112
Outfront Media, Inc.		35,695			592

	SHARES			MARKET VALUE (000S)
Paramount Group, Inc.		243,232	$		1,445
RLJ Lodging Trust		819,588			8,679
Sabra Health Care REIT, Inc.		19,338			240
Service Properties Trust		640,365			4,668
SITE Centers Corp.		55,002			751
SL Green Realty Corp.		191,420			6,455
Sunstone Hotel Investors, Inc.		656,032			6,337
Tanger Factory Outlet Centers, Inc.		232,007			4,162
Uniti Group, Inc.		352,322			1,948
Xenia Hotels & Resorts, Inc.		254,667			3,357
					62,882
Total Real Estate Investment Trusts (Cost $87,624)					75,841
SHORT-TERM INSTRUMENTS 0.6%
REPURCHASE AGREEMENTS (e) 0.6%
					3,817
Total Short-Term Instruments (Cost $3,817)					3,817
Total Investments in Securities (Cost $623,946)					675,926
INVESTMENTS IN AFFILIATES 0.5%
SHORT-TERM INSTRUMENTS 0.5%
MUTUAL FUNDS 0.5%
PIMCO Government Money Market Fund
4.310% (b)(c)(d)		3,345,820			3,346
Total Short-Term Instruments (Cost $3,346)					3,346
Total Investments in Affiliates (Cost $3,346)					3,346
Total Investments 100.3% (Cost $627,292)			$		679,272
Other Assets and Liabilities, net (0.3)%					(1,730	)
Net Assets 100.0%			$		677,542

NOTES TO SCHEDULE OF INVESTMENTS:    

* A zero balance may reflect actual amounts rounding to less than one thousand.

« Security valued using significant unobservable inputs (Level 3).

(a) Security did not produce income within the last twelve months.

(b) Institutional Class Shares of each Fund.

(c) Securities with an aggregate market value of $2,801 were out on loan in exchange for $3,313 of cash collateral as of December 31, 2022. The collateral was invested in a cash collateral reinvestment vehicle as described in Note 5 in the Notes to Financial Statements.

(d) Coupon represents a 7-Day Yield.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(e)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to  be Received(1)
FICC		1.900	%		12/30/2022		01/03/2023	$	3,817	U.S. Treasury Notes 0.125% due 05/15/2023	$	(3,893	)	$	3,817	$	3,817
Total Repurchase Agreements											$	(3,893	)	$	3,817	$	3,817

54 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2022 (Unaudited)

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:

Counterparty	Repurchase Agreement Proceeds to  be Received(1)		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Securities Out on Loan		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure(2)
Global/Master Repurchase Agreement
FICC	$	3,817	$	0	$	0	$	0	$	3,817	$	(3,893	)	$	(76	)
Master Securities Lending Agreement
BPG		0		0		0		104		104		(562	)		(458	)
GSC		0		0		0		300		300		(306	)		(6	)
MSC		0		0		0		2,397		2,397		(2,445	)		(48	)
Total Borrowings and Other Financing Transactions	$	3,817	$	0	$	0	$	2,801

CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

Remaining Contractual Maturity of the Agreements

	Overnight and Continuous		Up to 30 days		31-90 days		Greater Than 90 days		Total
Securities Lending Transactions(3)
Common Stocks	$	3,313	$	0	$	0	$	0	$	3,313
Total Borrowings	$	3,313	$	0	$	0	$	0	$	3,313
Payable for securities on loan - cash collateral									$	3,313

⁽¹⁾ Includes accrued interest.

⁽²⁾ Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

⁽³⁾ Includes cash collateral as described in Note 5 in the Notes to Financial Statements.

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2022
Investments in Securities, at Value
Common Stocks
United Kingdom
Energy	$	8,126	$	0	$	0	$	8,126
Financials		4,969		0		0		4,969
Information Technology		274		0		0		274
United States
Communication Services		8,777		55		0		8,832
Consumer Discretionary		112,000		0		0		112,000
Consumer Staples		39,205		2		0		39,207
Energy		111,900		0		0		111,900
Financials		44,237		0		0		44,237
Health Care		57,458		0		0		57,458
Industrials		68,764		0		0		68,764
Information Technology		65,196		0		0		65,196
Materials		36,842		0		0		36,842

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2022
Real Estate	$	10,799	$	0	$	22	$	10,821
Utilities		27,642		0		0		27,642
Real Estate Investment Trusts
United States
Financials		12,959		0		0		12,959
Real Estate		62,882		0		0		62,882
Short-Term Instruments
Repurchase Agreements		0		3,817		0		3,817
	$	672,030	$	3,874	$	22	$	675,926
Investments in Affiliates, at Value
Short-Term Instruments
Mutual Funds		3,346		0		0		3,346
Total Investments	$	675,376	$	3,874	$	22	$	679,272

There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2022 55

Notes to Financial Statements

1. ORGANIZATION

PIMCO Equity Series (the “Trust”) was established as a Delaware statutory trust on March 30, 2010. The Trust is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. Information presented in these financial statements pertains to the Institutional Class, I-2 and Class A shares of the funds (each a “Fund” and collectively, the “Funds”) indicated on the cover of this report. Pacific Investment Management Company LLC (“PIMCO”) serves as the investment adviser (the “Adviser”) for the Funds. Research Affiliates, LLC (“Research Affiliates”) serves as the sub-adviser for the Funds. The PIMCO RAE Global ex-US Fund may invest substantially all of its assets in Institutional Class shares of the International Fund and Emerging Markets Fund, equity securities of small companies economically tied to non-U.S. countries, and securities that are eligible investments for the International Fund and Emerging Markets Fund. The PIMCO RAE Global ex-US Fund may invest in other affiliated funds and unaffiliated funds, which may or may not be registered under the Act (together with the Underlying Funds, “Acquired Funds”).

Hereinafter, the Board of Trustees of the Funds shall be collectively referred to as the “Board.”

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Each Fund is treated as an investment company under the reporting requirements of U.S. GAAP. The functional and reporting currency for the Funds is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as a Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from

settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statements of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statements of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statements of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable.

(b) Foreign Taxes  The Fund may be subject to foreign taxes on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of December 31, 2022, if any, are disclosed in the Statement of Assets and Liabilities.

(c) Foreign Currency Translation  The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Funds do not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net

56 PIMCO EQUITY SERIES

December 31, 2022 (Unaudited)

realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Statements of Operations. The Funds may invest directly or indirectly through investments in Underlying Funds or Acquired Funds, as applicable, in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Statements of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Statements of Operations.

(d) Multi-Class Operations  Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains (losses) are allocated daily based on the relative net assets of each class of the respective Fund. Class specific expenses, where applicable, currently include supervisory and administrative and distribution and servicing fees. Under certain circumstances, the per share net asset value (“NAV”) of a class of the respective Fund’s shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(e) Distributions to Shareholders  The following table shows the anticipated frequency of distributions from net investment income, if any, for each Fund.

	Distribution Frequency
Fund Name	Declared		Distributed
PIMCO RAE Emerging Markets Fund		Annually		Annually
PIMCO RAE Global ex-US Fund		Annually		Annually
PIMCO RAE International Fund		Annually		Annually
PIMCO RAE US Fund		Annually		Annually
PIMCO RAE US Small Fund		Annually		Annually

In addition, each Fund distributes any net capital gains it earns from the sale of portfolio securities to shareholders no less frequently than annually. Net short-term capital gains may be paid more frequently. The Funds may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on each Fund’s annual financial statements presented under U.S. GAAP.

Separately, if a Fund determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable), and accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, a Fund determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between a Fund’s daily internal accounting records and practices, a Fund’s financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, a Fund’s internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for certain Funds, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that a Fund may not issue a Section 19 Notice in situations where the Fund’s financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution’s tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at a Fund’s fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statements of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital

SEMIANNUAL REPORT | DECEMBER 31, 2022 57

Notes to Financial Statements (Cont.)

on the Statements of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(f) New Accounting Pronouncements and Regulatory Updates  In March 2020, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”), ASU 2020-04, which provides optional guidance to ease the potential accounting burden associated with transitioning away from the London Interbank Offered Rate and other reference rates that are expected to be discontinued. ASU 2020-04 is effective for certain reference rate-related contract modifications that occurred during the period March 12, 2020 through December 31, 2022. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. In December 2022, FASB issued ASU 2022-06, which includes amendments to extend the duration of the LIBOR transition relief to December 31, 2024, after which entities will no longer be permitted to apply the reference rate reform relief. Management is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Funds’ investments and has determined that it is unlikely the ASU’s adoption will have a material impact on the Funds’ financial statements.

In October 2020, the U.S. Securities and Exchange Commission (“SEC”) adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, the rule requires funds that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. The effective date for the rule was February 19, 2021. The compliance date for the new rule and the related reporting requirements was August 19, 2022. Management has implemented changes in connection with the rule and has determined that there is no material impact to the Funds’ financial statements.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines “readily available market quotations” for purposes of the definition of “value” under the Act, and the SEC noted that this definition would apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022. Management has implemented changes in connection with the rule and has determined that there is no material impact to the Funds’ financial statements.

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820), which affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The effective date for the amendments in ASU 2022-03 is for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. At this time, management is evaluating the implications of these changes on the financial statements.

In October 2022, the SEC adopted changes to the mutual fund and ETF shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will change the disclosures provided to shareholders. The rule is effective as of January 24, 2023, but the SEC is providing an 18-month compliance period after the effective date other than for rule amendments addressing fee and expense information in advertisements that might be materially misleading. At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies  The NAV of a Fund’s shares, or each of their respective share classes, as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Fund or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange (“NYSE”) is open, the Fund’s shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) (“NYSE Close”). Information that becomes known to the Funds or their agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, each Fund may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. Each Fund generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, each Fund may calculate its NAV as of the NYSE Close for such day or such other time that each Fund may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation

58 PIMCO EQUITY SERIES

December 31, 2022 (Unaudited)

is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Funds will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange, or the NYSE Close, if the NYSE Close occurs before the end of trading on the foreign exchange.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee (“Valuation Designee”) for each Fund to perform the fair value determination relating to all Fund investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee’s policies and procedures govern the Valuation Designee’s selection and application of methodologies for determining and calculating the fair value of Fund investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, “Pricing Sources”).

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives, and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Exchange traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by

Pricing Sources. With respect to any portion of a Fund’s assets that are invested in one or more open-end management investment companies (other than ETFs), the Fund’s NAV will be calculated based on the NAVs of such investments. Open-end management investment companies may include affiliated funds.

If a foreign (non-U.S.) equity security’s value has materially changed after the close of the security’s primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, a Fund may determine the fair value of investments based on information provided by Pricing Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. A Fund may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument (“zero trigger”) between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when a Fund is not open for business, which may result in a Fund’s portfolio investments being affected when shareholders are unable to buy or sell shares.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments and, in turn, the NAV of a Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Trust is not open for business. As a result, to the extent that a Fund holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in each Fund’s next calculated NAV.

Fair valuation may require subjective determinations about the value of a security. While the Trust’s and Valuation Designee’s policies and procedures are intended to result in a calculation of a Fund’s NAV that fairly reflects security values as of the time of pricing, the Trust cannot

SEMIANNUAL REPORT | DECEMBER 31, 2022 59

Notes to Financial Statements (Cont.)

ensure that fair values accurately reflect the price that a Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a Fund may differ from the value that would be realized if the securities were sold. The Funds’ use of fair valuation may also help to deter “stale price arbitrage” as discussed under the “Abusive Trading Practices” section in each Fund’s prospectus.

Under certain circumstances, the per share NAV of a class of the Fund’s shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(b) Fair Value Hierarchy  U.S. GAAP describes fair value as the price that a Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2, or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2, and 3 of the fair value hierarchy are defined as follows:

^∎  Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

^∎  Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

^∎  Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for each respective Fund.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the

transfers between Levels of a Fund’s assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy, and if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for each respective Fund.

(c) Valuation Techniques and the Fair Value Hierarchy

Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value  The valuation methods (or “techniques”) and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

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Equity-linked securities are valued by referencing the last reported sale or settlement price of the linked referenced equity on the day of valuation. Foreign exchange adjustments are applied to the last reported price to convert the linked equity’s trading currency to the contract’s settling currency. These investments are categorized as Level 2 of the fair value hierarchy.

Short-term debt instruments (such as commercial paper) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments

is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

Each Fund eligible to participate in securities lending may invest the cash collateral received for securities out on loan in the PIMCO Government Money Market Fund under the Securities Lending Agreement. All or a portion of Dividend Income as shown in the table below represents the income earned on the cash collateral invested in PIMCO Government Money Market Fund and is included on the Statements of Operations as a component of Securities Lending Income. PIMCO Government Money Market Fund is considered to be affiliated with the Funds. The table below shows the Funds’ transactions in and earnings from investments in the affiliated Fund for the period ended December 31, 2022 (amounts in thousands^†):

Investments in PIMCO Government Money Market Fund

Fund Name	Market Value 06/30/2022		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Market Value 12/31/2022		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO RAE Emerging Markets Fund	$	40,679	$	86,114	$	(110,509	)	$	0	$	0	$	16,284	$	219	$	0
PIMCO RAE International Fund		28,070		155,907		(159,267	)		0		0		24,710		238		0
PIMCO RAE US Fund		1,291		20,368		(20,419	)		0		0		1,240		27		0
PIMCO RAE US Small Fund		24,394		100,114		(121,162	)		0		0		3,346		130		0

^†  A zero balance may reflect actual amounts rounding to less than one thousand.

⁽¹⁾  The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

The PIMCO RAE Global ex-US Fund may invest substantially all of its assets in Acquired Funds (except the PIMCO RAE US Fund), equity securities of small companies economically tied to non-U.S. countries, and securities that are eligible investments for the International Fund and Emerging Markets Fund. The Underlying Funds are considered to be affiliated with the PIMCO RAE Global ex-US Fund.

Each Fund may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III (“Central Funds”) to the extent permitted by the Act and rules thereunder. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies

advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Funds. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC’s website at www.sec.gov. A copy of each Acquired Fund’s shareholder report is also available at the SEC’s website at www.sec.gov, and a copy of each affiliate fund’s shareholder report is available on the Funds’ website at

SEMIANNUAL REPORT | DECEMBER 31, 2022 61

Notes to Financial Statements (Cont.)

www.pimco.com, or upon request, as applicable. The table below shows the Funds’ transactions in and earnings from investments in the affiliated Funds for the period ended December 31, 2022 (amounts in thousands^†):

PIMCO RAE Global ex-US Fund

Underlying PIMCO Funds	Market Value 06/30/2022		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2022		Dividend Income(1)		Realized Net Capital  Gain Distributions(1)
PIMCO RAE Emerging Markets Fund	$	18,530	$	4,092	$	(1,663	)	$	(269	)	$	(412	)	$	20,278	$	107	$	1,963
PIMCO RAE International Fund		60,097		12,314		(1,722	)		(784	)		(959	)		68,946		1,564		3,163
Totals	$	78,627	$	16,406	$	(3,385	)	$	(1,053	)	$	(1,371	)	$	89,224	$	1,671	$	5,126

^†  A zero balance may reflect actual amounts rounding to less than one thousand.

⁽¹⁾  The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund, unless otherwise advised on IRS Form 1099-DIV. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

(b) Investments in Securities

The Funds (and where applicable, certain Acquired Funds and Underlying Funds) may utilize the investments and strategies described below to the extent permitted by each Fund’s respective investment policies.

Real Estate Investment Trusts  (“REITs”) are pooled investment vehicles that own, and typically operate, income-producing real estate. If a REIT meets certain requirements, including distributing to shareholders substantially all of its taxable income (other than net capital gains), then it is not taxed on the income distributed to shareholders. Distributions received from REITs may be characterized as income, capital gain or a return of capital. A return of capital is recorded by a Fund as a reduction to the cost basis of its investment in the REIT. REITs are subject to management fees and other expenses, and so the Funds that invest in REITs will bear their proportionate share of the costs of the REITs’ operations.

Warrants  are securities that are usually issued together with a debt security or preferred security and that give the holder the right to buy a proportionate amount of common stock at a specified price. Warrants normally have a life that is measured in years and entitle the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is issued. Warrants may entail greater risks than certain other types of investments. Generally, warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. If the market price of the underlying stock does not exceed the exercise price during the life of the warrant, the warrant will expire worthless. Warrants may increase the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities. Similarly, the percentage increase or decrease in the value of an equity security warrant may be greater

than the percentage increase or decrease in the value of the underlying common stock. Warrants may relate to the purchase of equity or debt securities. Debt obligations with warrants attached to purchase equity securities have many characteristics of convertible securities and their prices may, to some degree, reflect the performance of the underlying stock. Debt obligations also may be issued with warrants attached to purchase additional debt securities at the same coupon rate. A decline in interest rates would permit a Fund to sell such warrants at a profit. If interest rates rise, these warrants would generally expire with no value.

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Funds (and where applicable, certain Acquired Funds and Underlying Funds) may enter into the borrowings and other financing transactions described below to the extent permitted by each Fund’s respective investment policies.

The following disclosures contain information on a Fund’s ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by a Fund. The location of these instruments in each Fund’s financial statements is described below.

(a) Repurchase Agreements  Under the terms of a typical repurchase agreement, a Fund purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and a Fund to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Fund or counterparty at any time. The underlying securities for all repurchase agreements are held by a Fund’s custodian or designated subcustodians under tri-party repurchase agreements and in certain instances will remain in custody with the counterparty. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are

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included on the Statements of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statements of Operations. In periods of increased demand for collateral, a Fund may pay a fee for the receipt of collateral, which may result in interest expense to the Fund.

(b) Securities Lending  The Funds listed below may seek to earn additional income by lending their securities to certain qualified broker-dealers and institutions on a short-term or long-term basis via a lending agent.

Fund Name

PIMCO RAE Emerging Markets Fund

PIMCO RAE Global ex-US Fund

PIMCO RAE International Fund

PIMCO RAE US Fund

PIMCO RAE US Small Fund

Securities on loan are required to be secured by cash collateral at least equal to 102% of the domestic, or 105% of the foreign security’s market value. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. The Funds will then invest the cash collateral received in the PIMCO Government Money Market Fund and record a liability for the return of the collateral during the period the securities are on loan. Each Fund is subject to a lending limit of 33.33% of total assets (including the value of collateral).

The loans are subject to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the lender securities identical to the loaned securities. Should the borrower of the securities fail to return loaned securities, the Fund has the right to repurchase the securities using the collateral in the open market.

The borrower pays fees at the Funds’ direction to the lending agent. The lending agent may retain a portion of the fees and interest earned on the cash collateral invested as compensation for its services. Investments made with the cash collateral are disclosed on the Schedules of Investments, if applicable. The lending fees and the Funds’ portion of the interest income earned on cash collateral are included on the Statements of Operations as securities lending income, if applicable.

(c) Interfund Lending  In accordance with an exemptive order (the “Order”) from the SEC, the Funds of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund’s

investment policies and restrictions. The Funds are currently permitted to borrow under the Interfund Lending Program. A lending fund may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing fund may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the fund’s investment restrictions). If a borrowing fund’s total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended December 31, 2022, the Funds did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Funds (and where applicable, certain Acquired Funds and Underlying Funds) may enter into the financial derivative instruments described below to the extent permitted by each Fund’s respective investment policies.

The following disclosures contain information on how and why the Funds use financial derivative instruments, and how financial derivative instruments affect the Funds’ financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statements of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statements of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedules of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedules of Investments, serve as indicators of the volume of financial derivative activity for the Funds.

Forward Foreign Currency Contracts  may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of a Fund’s securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates.

SEMIANNUAL REPORT | DECEMBER 31, 2022 63

Notes to Financial Statements (Cont.)

Forward foreign currency contracts are marked to market daily, and the change in value is recorded by a Fund as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss)

reflected on the Statements of Assets and Liabilities. In addition, a Fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in a Fund, which could adversely affect its net asset value, yield and total return, are listed below.

Risks	PIMCO RAE Emerging Markets Fund		PIMCO RAE Global ex-US Fund		PIMCO RAE International Fund		PIMCO RAE US Fund		PIMCO RAE US Small Fund
Small Fund		—		X		—		—		—
Allocation		—		X		—		—		—
Acquired Fund		—		X		—		—		—
Equity		X		X		X		X		X
Value Investing		X		X		X		X		X
Foreign (Non-U.S.) Investment		X		X		X		—		—
Emerging Markets		X		X		X		—		—
Market		X		X		X		X		X
Issuer		X		X		X		X		X
Credit		X		X		X		X		X
Distressed Company		—		X		—		—		X
Currency		X		X		X		—		—
Real Estate		X		X		X		X		X
Liquidity		X		X		X		X		X
Leveraging		X		X		X		X		X
Management		X		X		X		X		X
Small Company		—		X		—		—		X
Derivatives		X		X		X		X		X
Model		X		X		X		X		X

The principal risks of investing in a Fund include risks from direct investments and/or for certain Funds that invest in Acquired Funds or Underlying PIMCO Funds, indirect exposure through investment in such Acquired Funds or Underlying PIMCO Funds. Please see “Description of Principal Risks” in a Fund’s prospectus for a more detailed description of the risks of investing in a Fund.

Small Fund Risk  is the risk that a smaller Fund may not achieve investment or trading efficiencies. Additionally, a smaller Fund may be more adversely affected by large purchases or redemptions of Fund shares.

Allocation Risk  is the risk that a Fund could lose money as a result of less than optimal or poor asset allocation decisions. A Fund could miss attractive investment opportunities by underweighting markets that subsequently experience significant returns and could lose value by overweighting markets that subsequently experience significant declines.

Acquired Fund Risk  is the risk that a Fund’s performance is closely related to the risks associated with the securities and other investments held by the Acquired Funds and that the ability of a Fund to achieve its investment objective will depend upon the ability of the Acquired Funds to achieve their investment objectives. In addition, a Fund’s performance will be reduced by the Fund’s proportionate amount of the expenses of any Acquired Funds in which it invests.

Equity Risk  is the risk that the value of equity securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity securities generally have greater price volatility than fixed income securities.

Value Investing Risk  is the risk that a value stock may decrease in price or may not increase in price as anticipated by the Sub-Adviser if it

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continues to be undervalued by the market or the factors that the portfolio manager believes will cause the stock price to increase do not occur.

Foreign (Non-U.S.) Investment Risk  is the risk that investing in foreign (non-U.S.) securities may result in a Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes, diplomatic developments or the imposition of sanctions and other similar measures.

Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

Emerging Markets Risk  is the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk.

Market Risk  is the risk that the value of securities owned by a Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries.

Issuer Risk  is the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services.

Credit Risk  is the risk that a Fund could lose money if the counterparty to a derivative contract is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.

Distressed Company Risk  is the risk that securities of distressed companies may be subject to greater levels of market, issuer and liquidity risks. Distressed companies may be engaged in restructurings or bankruptcy proceedings, which may cause the value of their securities to fluctuate rapidly or unpredictably.

Currency Risk  is the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect a Fund’s investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

Real Estate Risk  is the risk that a Fund’s investments in Real Estate Investment Trusts (“REITs”) or real estate-linked derivative instruments will subject a Fund to risks similar to those associated with direct ownership of real estate, including losses from casualty or

condemnation, and changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes and operating expenses. A Fund’s investments in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition, privately traded REITs subject a Fund to liquidity and valuation risk.

Liquidity Risk  is the risk that a particular investment may be difficult to purchase or sell and that a Fund may be unable to sell illiquid investments at an advantageous time or price or achieve its desired level of exposure to a certain sector.

Leveraging Risk  is the risk that certain transactions of a Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing a Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss.

Management Risk  is the risk that the investment techniques and risk analyses applied by the Sub-Adviser, including the use of quantitative models or methods, will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to the Sub-Adviser and the individual portfolio manager in connection with managing a Fund and may cause the Sub-Adviser to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of a Fund will be achieved.

Small Company Risk  is the risk that the value of equity securities issued by small companies, ranked by fundamental size as determined by the Sub-Adviser, may go up or down, sometimes rapidly and unpredictably, due to narrow markets and limited managerial and financial resources.

Derivatives Risk  is the risk of investing in derivative instruments (such as forwards, futures, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks and valuation complexity.

Changes in the value of a derivative or other similar investments may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a Fund could lose more than the initial amount invested. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for a Fund. A Fund’s use of derivatives or other similar investments may result in losses to a Fund, a reduction

SEMIANNUAL REPORT | DECEMBER 31, 2022 65

Notes to Financial Statements (Cont.)

in a Fund’s returns and/or increased volatility. Over-the-counter (“OTC”) derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange- traded or traded through a central clearing counterparty resides with a Fund’s clearing broker, or the clearinghouse. Changes in regulation relating to a registered fund’s use of derivatives and related instruments could potentially limit or impact a Fund’s ability to invest in derivatives, limit a Fund’s ability to employ certain strategies that use derivatives or other similar investments and/or adversely affect the value of derivatives or other similar investments and a Fund’s performance.

Model Risk  is the risk that a Fund’s investment models used in making investment allocation decisions may not adequately take into account certain factors or may rely on inaccurate data inputs, may contain design flaws or faulty assumptions, and may rely on incomplete or inaccurate data inputs, any of which may result in a decline in the value of an investment in a Fund.

(b) Other Risks

In general, a Fund may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks. Please see a Fund’s prospectus and Statement of Additional Information for a more detailed description of the risks of investing in a Fund. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact a Fund’s performance.

Market Disruption Risk  The Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause the Fund to lose value. These events can also impair the technology and other operational systems upon which the Fund’s service providers, including PIMCO as the Fund’s investment adviser, rely, and could otherwise disrupt the Fund’s service providers’ ability to fulfill their obligations to the Fund. For example, the recent spread of an infectious respiratory illness caused by a novel strain of coronavirus (known as COVID-19) has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the

Fund holds, and may adversely affect the Fund’s investments and operations. Additionally, to the extent the Fund invests in securities and instruments economically tied to Russia, the recent Russian invasion of Ukraine may adversely affect the Fund’s investments. Please see the Important Information section for additional discussion of the COVID-19 pandemic as well as the Russian invasion of Ukraine.

Government Intervention in Financial Markets  Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which a Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which a Fund itself is regulated. Such legislation or regulation could limit or preclude a Fund’s ability to achieve its investment objective. Furthermore, volatile financial markets can expose a Fund to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Fund. The value of a Fund’s holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which a Fund invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk  Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way a Fund is regulated, affect the expenses incurred directly by a Fund and the value of its investments, and limit and/or preclude a Fund’s ability to achieve its investment objective.

Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

Operational Risk  An investment in a Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on a Fund. While a Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.

Cyber Security Risk  As the use of technology has become more prevalent in the course of business, the Funds have become potentially

66 PIMCO EQUITY SERIES

December 31, 2022 (Unaudited)

more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause a Fund to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Cyber security failures or breaches may result in financial losses to a Fund and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with a Fund’s ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Funds and their shareholders may suffer losses as a result of a cyber security breach related to the Funds, their service providers, trading counterparties or the issuers in which a Fund invests.

8. MASTER NETTING ARRANGEMENTS

A Fund may be subject to various netting arrangements (“Master Agreements”) with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes the Statements of Assets and Liabilities generally present derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which

typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statements of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statements of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. A Fund’s overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively “Master Repo Agreements”) govern repurchase, reverse repurchase, and certain sale-buyback transactions between a Fund and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default, and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

Master Securities Forward Transaction Agreements (“Master Forward Agreements”) govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between a Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedules of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant (“FCM”) registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Fund assets in the segregated account. Portability of exposure reduces risk to the Funds. Variation margin, which reflects changes in market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The market value or accumulated unrealized appreciation

SEMIANNUAL REPORT | DECEMBER 31, 2022 67

Notes to Financial Statements (Cont.)

(depreciation), initial margin posted, and any unsettled variation margin as of period end are disclosed in the Notes to Schedules of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes (“ISDA Master Agreements”) govern bilateral OTC derivative transactions entered into by a Fund with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Funds may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Funds are required by regulation to post additional collateral beyond coverage of daily exposure, they could potentially incur costs, including in procuring

eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

9. FEES AND EXPENSES

(a) Investment Advisory Fee  PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC (“Allianz Asset Management”) and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from each Fund at an annual rate based on average daily net assets (the “Investment Advisory Fee”). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

(b) Supervisory and Administrative Fee  PIMCO serves as administrator (the “Administrator”) and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each share class’s average daily net assets (the “Supervisory and Administrative Fee”). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

The Investment Advisory Fees and Supervisory and Administrative Fees for all classes, as applicable, are charged at the annual rate as noted in the following table (calculated as a percentage of each Fund’s average daily net assets attributable to each class):

	Investment Advisory Fee		Supervisory and Administrative Fee
Fund Name	All Classes		Institutional Class		I-2		I-3			Class A
PIMCO RAE Emerging Markets Fund		0.50%		0.25%		0.35%		N/A			0.35%
PIMCO RAE Global ex-US Fund		0.40%		0.15%		0.25%		N/A			0.25%
PIMCO RAE International Fund		0.30%		0.20%		0.30%		N/A			0.30%
PIMCO RAE US Fund		0.25%		0.15%		0.25%		0.35%	*(1)		0.30%
PIMCO RAE US Small Fund		0.35%		0.15%		0.25%		N/A			0.30%

⁽¹⁾ PIMCO has contractually agreed, through October 31, 2023, to waive its supervisory and administrative fee for I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of the Fund.

* This particular share class has been registered with the SEC, but has not yet launched.

(c) Distribution and Servicing Fees  PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor (“Distributor”) of the Trust’s shares.

The Trust has adopted separate Distribution and Servicing Plans with respect to the Class A shares of the Trust pursuant to Rule 12b-1 under the Act. In connection with personal services rendered to Class A shareholders and the maintenance of such shareholder accounts, the Distributor receives servicing fees from the Trust of up to 0.25% for each of Class A shares (percentages reflect annual rates of the average daily net assets attributable to the applicable class).

The Trust paid distribution and servicing fees at effective rates as noted in the following table (calculated as a percentage of each Fund’s average daily net assets attributable to each class):

	Allowable Rate
	Distribution Fee		Servicing Fee
Class A		—		0.25%

The Distributor also received the proceeds of the initial sales charges paid by the shareholders upon the purchase of Class A shares and the contingent deferred sales charges paid by the shareholders upon certain redemptions of Class A shares. For the period ended

68 PIMCO EQUITY SERIES

December 31, 2022 (Unaudited)

December 31, 2022, the Distributor retained $12,068 representing commissions (sales charges) and contingent deferred sales charges, net of any commission adjustments payable by the Distributor to broker dealers, from the Trust.

(d) Fund Expenses  PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust’s executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not “interested persons” of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Funds, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, and may include certain other expenses as permitted by the Trust’s Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses per share class.

The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive

remuneration for their services to the Trust from the Administrator or its affiliates.

(e) Expense Limitation  Pursuant to the Expense Limitation Agreement, PIMCO has agreed, through October 31, 2023, to waive a portion of the Funds’ Supervisory and Administrative Fee, or reimburse each Fund, to the extent that each Fund’s organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee Fees exceed 0.0049%, the “Expense Limit” (calculated as a percentage of each Fund’s average daily net assets attributable to each class). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The waiver is reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO.

In any month in which the investment advisory contract or supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by each Fund of any portion of the supervisory and administrative fee waived or reimbursed as set forth above (the “Reimbursement Amount”) within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO.

In addition, in any month in which the investment advisory contract is in effect, PIMCO is entitled to reimbursement by a Fund of any portion of the advisory fee waived as set forth above (the “RAE Reimbursement Amount”) during the previous thirty-six months from the time of waiver, provided that such amount paid to PIMCO will not: i) together with any recoupment of organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees or supervisory and administrative fees pursuant to the Expense Limitation Agreement, exceed, for such month, the Expense Limit; ii) exceed the total RAE Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. The total recoverable amounts to PIMCO (from the Fee Waiver Agreement and Expense Limitation Agreement combined) at December 31, 2022, were as follows (amounts in thousands^†):

	Expiring within
Fund Name	12 months		13-24 months			25-36 months		Total
PIMCO RAE Emerging Markets Fund	$	3,164	$	105		$	90	$	3,359
PIMCO RAE Global ex-US Fund		122		6	��		6		134
PIMCO RAE International Fund		699		72			52		823
PIMCO RAE US Fund		613		58			80		751
PIMCO RAE US Small Fund		275		29			28		332

^†  A zero balance may reflect actual amounts rounding to less than one thousand.

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Notes to Financial Statements (Cont.)

Pursuant to a Fee Waiver, PIMCO has contractually agreed, through October 31, 2023, to waive its supervisory and administrative fee for I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of PIMCO RAE US Fund. This Fee Waiver Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

Pursuant to the Expense Limitation Agreement and I-3 Fee Waiver Agreement, waiver amounts are reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended December 31, 2022, the amounts were (in thousands^†):

Fund Name	Waived Fees
PIMCO RAE Emerging Markets Fund	$	48
PIMCO RAE Global ex-US Fund		3
PIMCO RAE International Fund		21
PIMCO RAE US Fund		35
PIMCO RAE US Small Fund		15

^†  A zero balance may reflect actual amounts rounding to less than one thousand.

(f) Acquired Fund Fees and Expenses  Acquired Fund expenses incurred by the Funds, if any, will vary with changes in the expenses of the Acquired Funds, as well as the allocation of the Funds’ assets.

The expenses associated with investing in a fund of funds are generally higher than those for mutual funds that do not invest in other mutual funds. The cost of investing in a fund of funds will generally be higher than the cost of investing in a mutual fund that invests directly in individual stocks and bonds. By investing in a fund of funds, an investor will indirectly bear fees and expenses charged by Acquired Funds in addition to each Fund’s direct fees and expenses. In addition, the use of a fund of funds structure could affect the timing, amount and character of distributions to the shareholders and may therefore increase the amount of taxes payable by shareholders.

PIMCO has contractually agreed, through October 31, 2023, to waive, first, the Investment Advisory Fee and, second, to the extent necessary, the Supervisory and Administrative Fee it receives from the PIMCO RAE Global ex-US Fund in an amount equal to the Underlying Fund Fees indirectly incurred by the Fund in connection with its investments in Underlying Funds, to the extent the Fund’s Investment Advisory Fee or Investment Advisory Fee and Supervisory and Administrative Fee, taken together, are greater than or equal to the Underlying Fund Fees. This waiver will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

The waivers are reflected on the Statements of Operation as a component of Waiver and/or Reimbursement by PIMCO. For the period ended December 31, 2022, the amounts were (in thousands^†):

Fund Name	Waived Fees
PIMCO RAE Emerging Markets Fund	$	0
PIMCO RAE Global ex-US Fund		234
PIMCO RAE International Fund		0
PIMCO RAE US Fund		0
PIMCO RAE US Small Fund		0

^†  A zero balance may reflect actual amounts rounding to less than one thousand.

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statements of Assets and Liabilities.

11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust’s organizational documents, each Trustee or officer of the Trust is indemnified and each employee or other agent of the Trust (including the Trust’s investment manager) may be indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts.

12. PURCHASES AND SALES OF SECURITIES

The length of time a Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Fund is known as “portfolio turnover.” Each Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by the Fund. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates when distributed to shareholders). The transaction costs associated with portfolio turnover may adversely affect a Fund’s performance. The portfolio turnover rates are reported in the Financial Highlights.

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December 31, 2022 (Unaudited)

Purchases and sales of securities (excluding short-term investments) for the period ended December 31, 2022, were as follows (amounts in thousands^†):

	U.S. Government/Agency				All Other
Fund Name	Purchases		Sales		Purchases		Sales
PIMCO RAE Emerging Markets Fund	$	0	$	0	$	389,967	$	620,105
PIMCO RAE Global ex-US Fund		0		0		16,406		3,385
PIMCO RAE International Fund		0		0		443,956		304,767
PIMCO RAE US Fund		0		0		579,057		470,749
PIMCO RAE US Small Fund		0		0		456,904		211,101

^†  A zero balance may reflect actual amounts rounding to less than one thousand.

13. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands^†):

	PIMCO RAE Emerging Markets Fund												PIMCO RAE Global ex-US Fund												PIMCO RAE International Fund
	Six Months Ended 12/31/2022 (Unaudited)						Year Ended 06/30/2022						Six Months Ended 12/31/2022 (Unaudited)						Year Ended 06/30/2022						Six Months Ended 12/31/2022 (Unaudited)						Year Ended 06/30/2022
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		17,815		$	156,868			97,422		$	1,018,219			303		$	2,635			508		$	5,555			47,029		$	336,671			18,328		$	171,420
I-2		2,045			17,966			5,146			56,049			0			0			34			371			392			2,850			2,501			25,826
Class A		88			759			466			5,028			922			8,063			379			3,979			33			246			616			5,603
Issued as reinvestment of distributions
Institutional Class		12,425			104,542			6,017			64,018			693			5,937			855			8,675			6,573			49,026			17,771			157,094
I-2		711			5,939			507			5,364			3			24			4			42			64			475			286			2,514
Class A		122			1,007			128			1,341			164			1,373			129			1,283			44			320			586			5,075
Cost of shares redeemed
Institutional Class		(45,101	)		(402,095	)		(105,271	)		(1,201,372	)		(347	)		(3,023	)		(408	)		(4,128	)		(25,031	)		(185,806	)		(60,704	)		(591,702	)
I-2		(3,012	)		(26,883	)		(2,774	)		(29,044	)		(4	)		(32	)		(16	)		(169	)		(516	)		(3,777	)		(3,571	)		(35,682	)
Class A		(366	)		(3,136	)		(476	)		(4,846	)		(181	)		(1,561	)		(430	)		(4,316	)		(2,314	)		(17,364	)		(571	)		(5,481	)
Net increase (decrease) resulting from Fund share transactions		(15,273	)	$	(145,033	)		1,165		$	(85,243	)		1,553		$	13,416			1,055		$	11,292			26,274		$	182,641			(24,758	)	$	(265,333	)
	PIMCO RAE US Fund												PIMCO RAE US Small Fund
	Six Months Ended 12/31/2022 (Unaudited)						Year Ended 06/30/2022						Six Months Ended 12/31/2022 (Unaudited)						Year Ended 06/30/2022
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		30,330		$	383,256			39,919		$	555,289			37,883		$	326,146			32,219		$	359,498
I-2		1,297			16,220			1,836			24,431			4,971			41,790			6,453			69,295
Class A		276			3,334			616			7,999			2,165			18,291			9,590			115,946
Issued as reinvestment of distributions
Institutional Class		5,753			71,427			8,452			112,599			5,605			47,413			9,290			88,386
I-2		323			3,977			268			3,540			526			4,385			1,092			10,276
Class A		114			1,378			95			1,231			877			7,147			3,337			30,755
Cost of shares redeemed
Institutional Class		(23,061	)		(286,745	)		(47,655	)		(631,820	)		(11,299	)		(100,661	)		(29,132	)		(368,627	)
I-2		(1,072	)		(13,616	)		(1,120	)		(14,972	)		(3,035	)		(26,903	)		(2,091	)		(21,259	)
Class A		(123	)		(1,521	)		(242	)		(3,220	)		(2,271	)		(19,077	)		(6,657	)		(75,310	)
Net increase (decrease) resulting from Fund share transactions		13,837		$	177,710			2,169		$	55,077			35,422		$	298,531			24,101		$	208,960

^†  A zero balance may reflect actual amounts rounding to less than one thousand.

SEMIANNUAL REPORT | DECEMBER 31, 2022 71

Notes to Financial Statements (Cont.)

The following table discloses the number of shareholders that own 10% or more of the outstanding shares of a Fund along with their respective percent ownership, if any, as of December 31, 2022. Some of these shareholders may be considered related parties, which may include, but are not limited to, the investment adviser and its affiliates, affiliated broker dealers, fund of funds and directors or employees of the Trust or Adviser.

	Shareholders that own 10% or more of outstanding shares				Total percentage of portfolio held by shareholders that own 10% or more of outstanding shares
	Non-Related Parties		Related Parties		Non-Related Parties		Related Parties
PIMCO RAE Emerging Markets Fund		0		1		0%		27%
PIMCO RAE Global ex-US Fund		3		0		81%		0%
PIMCO RAE International Fund		0		1		0%		43%
PIMCO RAE US Small Fund		0		1		0%		29%

14. REGULATORY AND LITIGATION MATTERS

The Funds are not named as defendants in any material litigation or arbitration proceedings and are not aware of any material litigation or claim pending or threatened against them.

On May 17, 2022, Allianz Global Investors U.S. LLC (“AGI U.S.”) pleaded guilty in connection with the proceeding United States of America v. Allianz Global Investors U.S. LLC. AGI U.S. is an indirect subsidiary of Allianz SE. The conduct resulting in the matter described above occurred entirely within AGI U.S. and did not involve PIMCO or the Distributor, or any personnel of PIMCO or the Distributor. Nevertheless, because of the disqualifying conduct of AGI U.S., their affiliate, PIMCO would have been disqualified from serving as the investment adviser, and the Distributor would have been disqualified from serving as the principal underwriter, to the Funds in the absence of SEC exemptive relief. PIMCO and the Distributor have received exemptive relief from the SEC to permit them to continue serving as investment adviser and principal underwriter for U.S.- registered investment companies, including the Fund.

The foregoing speaks only as of the date of this report.

15. FEDERAL INCOME TAX MATTERS

Each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the “Code”) and distribute all

of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

A Fund may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

In accordance with U.S. GAAP, the Adviser has reviewed the Funds’ tax positions for all open tax years. As of December 31, 2022, the Funds have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.

The Funds file U.S. federal, state, and local tax returns as required. The Funds’ tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

Under the Regulated Investment Company Modernization Act of 2010, a fund is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

As of their last fiscal year ended June 30, 2022, the Funds had the following post-effective capital losses with no expiration (amounts in thousands^†):

	Short-Term		Long-Term
PIMCO RAE Emerging Markets Fund*	$	121,840	$	134,835
PIMCO RAE Global ex-US Fund		0		0
PIMCO RAE International Fund*		23,880		24,449
PIMCO RAE US Fund		0		0
PIMCO RAE US Small Fund*		17,069		7,365

^†  A zero balance may reflect actual amounts rounding to less than one thousand.

* Portion of amount represents realized loss and recognized built-in loss under IRC sections 382-83, which is carried forward to future years to offset future realized gain subject to certain limitations.

72 PIMCO EQUITY SERIES

December 31, 2022 (Unaudited)

As of December 31, 2022, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands^†):

	Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)(1)
PIMCO RAE Emerging Markets Fund	$	1,203,159	$	94,891	$	(136,480	)	$  (41,589)
PIMCO RAE Global ex-US Fund		109,699		0		(20,475	)	(20,475)
PIMCO RAE International Fund		699,850		55,189		(19,765	)	35,424
PIMCO RAE US Fund		839,642		215,445		(30,691	)	184,754
PIMCO RAE US Small Fund		655,525		64,606		(40,859	)	23,747

^†  A zero balance may reflect actual amounts rounding to less than one thousand.

⁽¹⁾  Primary differences, if any, between book and tax net unrealized appreciation/(depreciation) are attributable to wash sale loss deferrals for federal income tax purposes.

SEMIANNUAL REPORT | DECEMBER 31, 2022 73

Glossary: (abbreviations that may be used in the preceding statements) (Unaudited)

Counterparty Abbreviations:
BCY	Barclays Capital, Inc.	BSN	The Bank of Nova Scotia - Toronto	MSC	Morgan Stanley & Co. LLC.
BOS	BofA Securities, Inc.	FICC	Fixed Income Clearing Corporation	SAL	Citigroup Global Markets, Inc.
BPG	BNP Paribas Securities Corp.	GSC	Goldman Sachs & Co. LLC	UBS	UBS Securities LLC
Currency Abbreviations:
USD (or $)	United States Dollar
Other Abbreviations:
ADR	American Depositary Receipt	SP - ADR	Sponsored American Depositary Receipt	TBA	To-Be-Announced
REIT	Real Estate Investment Trust

74 PIMCO EQUITY SERIES

Distribution Information (Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the “Act”), the Funds estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended December 31, 2022 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

PIMCO RAE Emerging Markets Fund
Institutional Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
December 2022	$	0.0453	$	0.0000	$	0.0000	$	0.0453
I-2	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
December 2022	$	0.0402	$	0.0000	$	0.0000	$	0.0402
Class A	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
December 2022	$	0.0310	$	0.0000	$	0.0000	$	0.0310
PIMCO RAE Global ex-US Fund
Institutional Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
December 2022	$	0.1493	$	0.0000	$	0.0000	$	0.1493
I-2	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
December 2022	$	0.1451	$	0.0000	$	0.0000	$	0.1451
Class A	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
December 2022	$	0.1375	$	0.0000	$	0.0000	$	0.1375
PIMCO RAE International Fund
Institutional Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
December 2022	$	0.1708	$	0.0000	$	0.0000	$	0.1708
I-2	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
December 2022	$	0.1663	$	0.0000	$	0.0000	$	0.1663
Class A	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
December 2022	$	0.1446	$	0.0000	$	0.0000	$	0.1446

SEMIANNUAL REPORT | DECEMBER 31, 2022 75

Distribution Information (Cont.) (Unaudited)

PIMCO RAE US Fund
Institutional Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
December 2022	$	0.1448	$	0.0000	$	0.0000	$	0.1448
I-2	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
December 2022	$	0.1396	$	0.0000	$	0.0000	$	0.1396
Class A	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
December 2022	$	0.1246	$	0.0000	$	0.0000	$	0.1246
PIMCO RAE US Small Fund
Institutional Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
December 2022	$	0.1147	$	0.0000	$	0.0000	$	0.1147
I-2	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
December 2022	$	0.1116	$	0.0000	$	0.0000	$	0.1116
Class A	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
December 2022	$	0.0981	$	0.0000	$	0.0000	$	0.0981

* The source of dividends provided in the table differs, in some respects, from information presented in this report prepared in accordance with generally accepted accounting principles, or U.S. GAAP. For example, net earnings from certain interest rate swap contracts are included as a source of net investment income for purposes of Section 19(a). Accordingly, the information in the table may differ from information in the accompanying financial statements that are presented on the basis of U.S. GAAP and may differ from tax information presented in the footnotes. Amounts shown may include accumulated, as well as fiscal period net income and net profits.

** Occurs when a fund distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a fund’s net income, yield, earnings or investment performance.

76 PIMCO EQUITY SERIES

Approval of Investment Advisory Contract and Other Agreements (Unaudited)

Approval of Renewal of the Investment Advisory Contract and Other Agreements

At a meeting held on August 23-24, 2022, the Board of Trustees (the “Board”) of PIMCO Equity Series (the “Trust”), including the Trustees who are not “interested persons” of the Trust under the Investment Company Act of 1940, as amended (the “Independent Trustees”), considered and unanimously approved the renewal of the Investment Advisory Contract (the “Investment Advisory Contract”) between the Trust, on behalf of PIMCO Dividend and Income Fund, PIMCO RAE Emerging Markets Fund, PIMCO RAE Global ex-US Fund, PIMCO RAE International Fund, PIMCO RAE US Fund, PIMCO RAE US Small Fund, PIMCO REALPATH^® Blend Income Fund, PIMCO REALPATH^® Blend 2025 Fund, PIMCO REALPATH^® Blend 2030 Fund, PIMCO REALPATH^® Blend 2035 Fund, PIMCO REALPATH^® Blend 2040 Fund, PIMCO REALPATH^® Blend 2045 Fund, PIMCO REALPATH^® Blend 2050 Fund, PIMCO REALPATH^® Blend 2055 Fund and PIMCO REALPATH^® Blend 2060 Fund (each, a “Fund” and collectively, the “Funds”), and Pacific Investment Management Company LLC (“PIMCO”), for an additional one-year term through August 31, 2023. The Board also considered and unanimously approved the renewal of the Second Amended and Restated Supervision and Administration Agreement (the “Supervision and Administration Agreement”) between the Trust, on behalf of the Funds, and PIMCO for an additional one-year term through August 31, 2023.

In addition, the Board considered and unanimously approved the renewal of the Second Amended and Restated Sub-Advisory Agreement (the “Sub-Advisory Agreement” and, together with the Investment Advisory Contract and the Supervision and Administration Agreement, the “Agreements”) between PIMCO, on behalf of PIMCO RAE Emerging Markets Fund, PIMCO RAE Global ex-US Fund, PIMCO RAE International Fund, PIMCO RAE US Fund and PIMCO RAE US Small Fund (the “RAE Funds”), each a series of the Trust, and Research Affiliates, LLC (“Research Affiliates”) for an additional one-year term through August 31, 2023.

At a meeting held on November 15-16, 2022, the Board, including all of the Independent Trustees, considered and unanimously approved the Amended and Restated Investment Advisory Contract (the “New Fund Investment Advisory Contract”) and the Second Amended and Restated Supervision and Administration Agreement (the “New Fund Supervision and Administration Agreement” and together with the New Fund Investment Advisory Contract, the “New Fund Agreements”) between the Trust, on behalf of PIMCO REALPATH^® Blend 2065 Fund ( the “New Fund”) and PIMCO for an initial two-year term.

The information, material factors and conclusions that formed the basis for the Board’s approvals are summarized below.

1. INFORMATION RECEIVED

(a) Materials Reviewed:  During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO and Research Affiliates to the Trust. At each of its quarterly meetings, the Board reviewed the Funds’ investment performance and a significant amount of information relating to Fund operations, including shareholder services, valuation and custody, the Funds’ compliance program and other information relating to the nature, extent and quality of services provided by PIMCO and Research Affiliates to the Trust and each of the Funds, as applicable. In considering whether to approve the renewal of the Agreements, the Board reviewed additional information, including, but not limited to: comparative industry data with regard to investment performance; advisory and supervisory and administrative fees and expenses; financial information for PIMCO, including, where relevant, financial information for Research Affiliates; information regarding the profitability to PIMCO of its relationship with the Funds; information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Funds; and information about the fees charged and services provided to other clients with similar investment mandates as the Funds, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees (“Counsel”), which included, among other things, a memorandum outlining legal duties of the Board in considering the renewal of the Agreements.

In considering whether to approve the New Fund Agreements, the Board reviewed materials provided by PIMCO, which included, among other things, information relating to the New Fund’s operations and comparative data with regard to portfolios with investment objectives and policies similar to those of the New Fund. In addition, the Board reviewed materials provided by Counsel, which included, among other things, memoranda outlining legal duties of the Board in considering the approval of the New Fund Agreements. The Board also reviewed information about the personnel who would be providing investment management services, other advisory services and supervisory and administrative services to the New Fund.

(b) Review Process:  In connection with considering the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates in response to requests from Counsel encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared at the Board’s request by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Agreements and met both as a full Board and in a separate session of

SEMIANNUAL REPORT | DECEMBER 31, 2022 77

Approval of Investment Advisory Contract and Other Agreements (Cont.)

the Independent Trustees, without management present, at the August 23-24, 2022 meeting. The Independent Trustees also met via video conference with Counsel on July 14, 2022, and conducted a video conference meeting on August 10, 2022 with management and Counsel to discuss the materials presented and other matters deemed relevant to their consideration of the renewal of the Agreements. In connection with its review of the Agreements, the Board received comparative information on the performance, the risk-adjusted performance and the fees and expenses of other peer group funds and share classes. The Independent Trustees also requested and received supplemental information, including information regarding Broadridge peer classifications, the expense structure of certain Funds and classes, outflows for certain Funds, Fund performance and profitability.

In connection with the approval of the New Fund Agreements, the Board reviewed written materials prepared by PIMCO. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel. The Board heard oral presentations on matters related to the New Fund Agreements at the November 15-16, 2022 meeting with respect to the New Fund.

The approval determinations were made on the basis of each Trustee’s business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Agreements and approve the New Fund Agreements, the Board did not identify any single factor or particular information that, in isolation, was controlling. The discussion below is intended to summarize the broad factors and information that figured prominently in the Board’s consideration of the renewal of the Agreements and approve the New Fund Agreements, but is not intended to summarize all of the factors considered by the Board.

2. NATURE, EXTENT AND QUALITY OF SERVICES

(a) PIMCO, Research Affiliates, their Personnel and Resources:  The Board considered the depth and quality of PIMCO’s investment management process, including, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Funds’ asset levels. The Board also considered the various services in addition to portfolio management that PIMCO provides under the Investment Advisory Contract. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to investment management, compliance, trading, performance and portfolio accounting. The Board also noted PIMCO’s commitment to enhancing and investing in its global infrastructure, technology capabilities, risk management processes and the specialized talent

needed to stay at the forefront of the competitive investment management industry and to strengthen its ability to deliver services under the Agreements. The Board considered PIMCO’s policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including new regulations impacting the Funds, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the Funds’ investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the Funds and their shareholders. The Board also considered PIMCO’s investment in new disciplines and talented personnel, which has enhanced PIMCO’s services to the Funds and has allowed PIMCO to introduce innovative new funds over time.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including the ongoing development of its own proprietary software and applications to support the Funds.

Similarly, the Board considered the sub-advisory services provided by Research Affiliates to the RAE Funds. The Board further considered PIMCO’s oversight of Research Affiliates in connection with Research Affiliates providing sub-advisory services to the RAE Funds. The Board also considered the depth and quality of Research Affiliates’ investment management and research capabilities, the experience and capabilities of their portfolio management personnel and the overall financial strength of the organization.

Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Agreements and provided by Research Affiliates under the Sub-Advisory Agreement are likely to continue to benefit the Funds and their shareholders, as applicable.

(b) Other Services:  The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Funds under the Supervision and Administration Agreement. The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the “unified fee”). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Funds, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration Agreement continue to increase. The Board considered PIMCO’s provision of supervisory and administrative services and its supervision

78 PIMCO EQUITY SERIES

(Unaudited)

of the Trust’s third party service providers to assure that these service providers continue to provide a high level of service relative to alternatives available in the market.

Ultimately, the Board concluded that the nature, extent and quality of the services provided or procured by PIMCO has benefited, and will likely continue to benefit, the Funds and their shareholders.

With respect to the New Fund, the Board also considered the nature, extent and quality of services to be provided by PIMCO to the New Fund under the New Fund Agreements, as well as PIMCO’s provision of these services to other series of the Trust and its supervision of the Trust’s third party service providers. The Board concluded that the nature, extent and quality of services to be provided by PIMCO would likely benefit the New Fund and its shareholders.

3. INVESTMENT PERFORMANCE

As the New Fund had not yet commenced operations at the time the New Fund Agreements were considered, the Trustees did not receive or consider investment performance information for the New Fund.

The Board reviewed information from PIMCO concerning the Funds’ performance, as available, over short- and long-term periods ended March 31, 2022 and other performance data, as available, over short- and long-term periods ended June 30, 2022 (the “PIMCO Report”) and from Broadridge concerning the Funds’ performance, as available, over short- and long-term periods ended March 31, 2022 (the “Broadridge Report”). The Board also noted that while historically the Broadridge Report included peer classifications from only Lipper, as part of this approval process the Broadridge Report incorporated peer classifications from Morningstar for Funds for which it was believed that Morningstar provided a materially improved comparison.

The Board considered information regarding both the short- and long-term relative and absolute investment performance of each Fund relative to its Fund peer group, where appropriate, and relevant benchmark index as provided to the Board in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Broadridge Report.

The Trustees noted the Funds (based on Institutional Class performance) that outperformed their respective benchmark indexes on a net-of-fees basis over the one-, three- and five-year periods ended June 30, 2022. The Board also noted the amounts of the Funds’ assets (based on Institutional Class performance) that outperformed their relevant benchmark indexes on a net-of-fees basis over the one-, three- and five-year periods ended June 30, 2022. The Board discussed these and other performance-related developments. The Board considered that, according to the Broadridge Report, the Funds generally performed well versus competitors during the long-term, but that certain Funds had underperformed in comparison to their

respective peer groups or benchmark indexes, or both, on a net-of-fees basis over certain short- and long-term periods. With respect to Funds that underperformed to a certain degree over such periods, the Board discussed with PIMCO the reasons for the underperformance of such Funds. The Board also considered actions that have been taken by PIMCO throughout the year to attempt to address underperformance. Depending on the circumstances, the Independent Trustees may be satisfied with a Fund’s performance notwithstanding that it lags its benchmark index or peer group for certain periods. The Board ultimately concluded, within the context of all of its considerations in connection with the Agreements, that PIMCO’s performance record and process in managing the Funds indicates that its continued management is likely to benefit the Funds and their shareholders, and merits the approval of the renewal of the Agreements.

4. ADVISORY FEES, SUPERVISORY AND ADMINISTRATIVE FEES AND TOTAL EXPENSES

The Board considered that PIMCO seeks to price new funds to scale at the outset. The Board noted that PIMCO generally seeks to price new funds competitively against the median total expense ratio of the respective Broadridge peer group, if available, while acknowledging that a fee premium may be appropriate for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Fund or class of shares, it considers a number of factors, including, but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services, and the competitive marketplace for financial products. Fees charged to or proposed for different Funds for advisory services and supervisory and administrative services may vary in light of these various factors. The Board also considered that PIMCO reviews the Funds’ fee levels and carefully considers changes where appropriate due to competitive positioning considerations, observed long-term notable underperformance and significant misalignments with the level or quality of services being provided or a change in the overall strategic positioning of the Funds.

The Board reviewed the advisory fees, supervisory and administrative fees and total expenses of the Funds (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. The Board also reviewed information relating to the sub-advisory fees paid to Research Affiliates with respect to applicable Funds, taking into account that PIMCO compensates Research Affiliates from the advisory fees paid by such Funds to PIMCO. With respect to advisory fees, the Board reviewed data from the Broadridge Report that compared the average and median advisory fees of other funds in a “Peer Group” of comparable funds, where appropriate, as well as the universe of other similar funds.

SEMIANNUAL REPORT | DECEMBER 31, 2022 79

Approval of Investment Advisory Contract and Other Agreements (Cont.)

The Board also considered that PIMCO reviews the Funds’ fee levels and carefully considers changes where appropriate. The Board also reviewed data comparing certain Funds’ advisory fees to the fee rates PIMCO charged to private funds, separate accounts, sub-advised clients, and collective investment trusts with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Funds, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in the advisory and other services provided by PIMCO to the Funds, differences in the number or extent of the services provided by PIMCO to the Funds, the manner in which similar portfolios may be managed, different requirements with respect to liquidity management and the implementation of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees.

The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as compared to separate accounts, external sub-advised funds or other investment products. In addition, the Trustees considered that PIMCO may charge certain private funds with similar investment mandates lower fees than the Funds because such private funds are not required to accept daily redemptions or price their assets on a daily basis, generally do not accept small investors with small account balances and operate under a less complex regulatory regime.

Regarding advisory fees charged by PIMCO in its capacity as sub-adviser to third party/unaffiliated funds, the Trustees took into account that such fees may be lower than the fees charged by PIMCO to serve as adviser to the Funds. The Trustees also took into account that there are various reasons for any such differences in fees, including, but not limited to, the fact that PIMCO may be subject to varying levels of entrepreneurial, legal and regulatory risk and different servicing requirements when PIMCO does not serve as the sponsor of a fund and is not principally responsible for all aspects of a fund’s investment program and operations as compared to when PIMCO serves as investment adviser and sponsor.

The Board considered the Funds’ supervisory and administrative fees, comparing them to similar funds managed by other investment advisers in the Broadridge Report. The Board also considered that as the Funds’ business has become increasingly complex and the number of Funds has grown over time, PIMCO has provided an increasingly broad array of fund supervisory and administrative functions. In addition, the Board considered the Trust’s unified fee structure, under which the Trust pays for the supervisory and administrative services it requires for one set fee. In return for this unified fee, PIMCO provides or procures supervisory and administrative services and bears the costs of various third party services required by the Funds, including audit, custodial,

portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for comparable services separately, and thus it is difficult to directly compare the Trust’s unified supervisory and administrative fees with the fees paid by other funds for administrative services alone. The Board also considered that the unified supervisory and administrative fee leads to Fund fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Fund fees at competitive levels over the contract period even if the Funds’ operating costs rise when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO’s approach of pricing Funds at scale at inception and reinvesting in other important areas of the business that support the Funds. The Board concluded that the Funds’ supervisory and administrative fees were reasonable in relation to the value of the services provided, including the services provided to different classes of shareholders, and that the expenses assumed contractually by PIMCO under the Supervision and Administration Agreement represent, in effect, a cap on overall Fund fees during the contractual period, which is beneficial to the Funds and their shareholders.

The Board noted that in most cases the Funds’ total expense ratios were lower than the total expense ratios of competitor funds. The Board discussed with PIMCO certain Funds and/or classes of Funds that had above median total expenses. Upon comparing the Funds’ total expenses to other funds in the “Peer Groups” provided by the Broadridge Report where appropriate, the Board found total expenses of each Fund to be reasonable.

The Trustees also considered the advisory fees charged to the Funds that operate as funds of funds (the “Funds of Funds”) and the advisory services provided in exchange for such fees. The Trustees determined that such services were in addition to the advisory services provided to the underlying funds in which the Funds of Funds may invest and, therefore, such services were not duplicative of the advisory services provided to the underlying funds. The Board also considered the expense limitation agreement in place for all of the Funds and the various fee waiver agreements in place for certain of the Funds and/or classes and the Funds of Funds. Based on the information presented by PIMCO, Research Affiliates and Broadridge, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the Agreements, that the fees charged by Research Affiliates under the Sub-Advisory Agreement, and that the total expenses of each Fund are reasonable.

With respect to the New Fund, PIMCO reported to the Board that, in considering fees for the New Fund, it analyzed a number of factors,

80 PIMCO EQUITY SERIES

(Unaudited)

including the type and complexity of the services to be provided, the cost of providing services, the risk assumed by PIMCO in the provision of services, the impact on potential returns from different levels of fees, the competitive marketplace for financial products, and the attractiveness of potential returns to prospective investors. Based on the information presented by PIMCO, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the New Fund Agreements were reasonable.

5. ADVISER COSTS, LEVEL OF PROFITS AND ECONOMIES OF SCALE

As the New Fund had not yet commenced operations at the time the New Fund Agreements were considered, information regarding PIMCO’s costs in providing services to the New Fund and the profitability of PIMCO’s relationship with the New Fund was not available.

The Board reviewed information regarding PIMCO’s costs of providing services to the Funds as a whole, as well as the resulting level of profits attributable to the Funds. The Board also noted that it had received information regarding the structure and manner in which PIMCO’s investment professionals were compensated and PIMCO’s view of the relationship of such compensation to the recruitment and retention of quality personnel. The Board considered PIMCO’s investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce existing services, offer new services, and accommodate changing regulatory requirements.

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Funds, PIMCO shares the benefits of such economies of scale, if any, with the Funds and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision, governance and oversight of those services; and through fee reductions or waivers, the pricing of Funds to scale from inception and the enhancement of services provided to the Funds in return for fees paid. In considering the advisory fees paid by the Funds, the Board also reviewed materials indicating that retail investors in the Funds received the benefit of PIMCO’s advisory services at the same advisory fee rates as institutional investors. The Board considered that the Funds’ unified fee rates had been set competitively and/or priced to scale from inception and continued to be competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing a Fund’s shareholders of the fees associated with the Fund, and that the Fund bears certain expenses that are not covered by the advisory fee or the unified fee. The Board further considered the challenges that arise when managing large funds,

which can result in certain “diseconomies” of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Funds.

The Trustees considered that the unified fee has provided inherent economies of scale because a Fund maintains competitive fixed fees over the annual contract period even if the particular Fund’s assets decline and/or operating costs rise. The Trustees also reviewed materials indicating that, unlike the Funds’ unified fee structure, funds with “pass through” administrative fee structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. The Trustees also considered that the unified fee protects shareholders from a rise in operating costs that may result from, among other things, PIMCO’s investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO’s investments in these areas are extensive.

The Board concluded that the Funds’ and the New Fund’s cost structures were reasonable and that PIMCO is appropriately sharing economies of scale, if any, through the Funds’ unified fee structure, generally pricing Funds to scale at inception and reinvesting in its business to provide enhanced and expanded services to the Funds and the New Fund and their shareholders.

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO’s relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO’s institutional investment management business due to the reputation and market penetration of the Trust or third party service providers’ relationship-level fee concessions, which decrease fees paid by PIMCO. The Board also considered that affiliates of PIMCO provide distribution and/or shareholder services to the Funds and their shareholders, for which they may be compensated through distribution and servicing fees paid pursuant to the Funds’ Rule 12b-1 plans or otherwise, such as through all or portions of the sales charges on Class A or Class C shares of the Funds, as applicable. The Board noted that, while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Funds, it has adopted a policy not to enter into contractual soft dollar arrangements.

7. CONCLUSIONS

Based on their review, including their comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services rendered to the Funds by PIMCO and Research Affiliates supported the renewal of the Agreements. The Independent Trustees and the Board as a whole concluded that the Agreements continued to be fair and reasonable to

SEMIANNUAL REPORT | DECEMBER 31, 2022 81

Approval of Investment Advisory Contract and Other Agreements (Cont.) (Unaudited)

the Funds and their shareholders, that the Funds’ shareholders received reasonable value in return for the fees paid to PIMCO by the Funds under the Agreements, the fees paid to Research Affiliates by PIMCO under the Sub-Advisory Agreement, and that the renewal of the Agreements was in the best interests of the Funds and their shareholders.

With respect to the New Fund, based on their review, including their comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of services to be rendered to the New Fund by PIMCO supported the approval of the New Fund Agreements. The Independent Trustees and the Board as a whole concluded that the New Fund Agreements were fair and reasonable to the New Fund and its shareholders and that the approval of the New Fund Agreements was in the best interest of the New Fund and its shareholders.

82 PIMCO EQUITY SERIES

General Information

Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Investment Sub-Adviser

Research Affiliates, LLC

620 Newport Center Drive, Suite 900

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank and Trust Company

801 Pennsylvania Avenue

Kansas City, MO 64105

Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.

Institutional Class, I-2, I-3, Administrative Class

430 W 7th Street STE 219024

Kansas City, MO 64105-1407

SS&C Global Investor & Distribution Solutions, Inc.

Class A, Class C, Class R

430 W 7th Street STE 219294

Kansas City, MO 64105-1407

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the Funds listed on the Report cover.

PES4003SAR_123122

PIMCO EQUITY SERIES^®

Semiannual Report

December 31, 2022

PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF | MFEM | NYSE Arca

PIMCO RAFI Dynamic Multi-Factor International Equity ETF | MFDX | NYSE Arca

PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF | MFUS | NYSE Arca

PIMCO RAFI ESG U.S. ETF | RAFE | NYSE Arca

Table of Contents

			Page
Chairman’s Letter				2
Important Information About the Funds				4
Expense Examples				17
Financial Highlights				18
Statements of Assets and Liabilities				20
Statements of Operations				21
Statements of Changes in Net Assets				22
Notes to Financial Statements				55
Glossary				70
Distribution Information				71
Approval of Investment Advisory Contract and Other Agreements				72
Fund	Fund Summary		Schedule of Investments
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF		9		23
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		11		33
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		13		46
PIMCO RAFI ESG U.S. ETF		15		53

This material is authorized for use only when preceded or accompanied by the current PIMCO Equity Series prospectus. The Shareholder Reports for the other series of the PIMCO Equity Series are printed separately.

Chairman’s Letter

Dear Shareholder,

2022 was a challenging year in the financial markets. We continue to work tirelessly to navigate global markets and manage the assets that you have entrusted with us. Following this letter is the PIMCO Equity Series Semiannual Report, which covers the six-month reporting period ended December 31, 2022 (the “reporting period”). On the subsequent pages, you will find details regarding investment results and a discussion of the factors that most affected performance during the reporting period.

For the six-month reporting period ended December 31, 2022

The global economy faced significant headwinds in 2022, including those related to higher inflation, the COVID-19 pandemic, and the Russia-Ukraine conflict. In the U.S., second quarter 2022, prior to the beginning of the reporting period, annualized gross domestic product (“GDP”) was -0.6%. The economy then strengthened, as third quarter annualized GDP was +3.2%. The Commerce Department’s initial estimate for fourth quarter 2022 annualized GDP — released after the reporting period ended — was 2.9%.

The Federal Reserve Board (the “Fed” or “U.S. central bank”) took actions to combat elevated inflation. In March 2022, the Fed raised the federal funds rate 0.25% to a range between 0.25% and 0.50%, its first rate hike since 2018. The U.S. central bank then raised rates at its next six meetings, for a total increase of 4.25% in 2022. At the end of the year, the federal funds rate was in a range between 4.25% and 4.50%.

Economies outside the U.S. also faced several headwinds. In its October 2022 World Economic Outlook Update, the International Monetary Fund (the “IMF”) downgraded its expectation for 2022 GDP citing “turbulent challenges” including high inflation, tightening financial conditions, as well as the ongoing Russia-Ukraine conflict and COVID-19 pandemic. For 2022, the IMF included in its projections that GDP would grow 1.6% in the U.S. (from 5.7% in 2021), 3.1% in the eurozone (from 5.2% in 2021), 3.6% in the U.K. (from 7.4% in 2021), and 1.7% in Japan (the same as in 2021).

Several central banks tightened their respective monetary policies in recent years. For example, in December 2021, prior to the beginning of the reporting period, the Bank of England (the “BoE”) raised rates for the first time since COVID-19 began. The BoE again raised rates at its next eight meetings, for a total of 3.50% in rate hikes since its first increase. The European Central Bank raised rates four times in 2022, for a total increase of 2.50%. In contrast, the Bank of Japan (the “BoJ”) maintained its loose monetary policy for most of 2022. However, in December 2022 the BoJ announced that it would allow its 10-year government bond yield to rise to 0.5% (previously limited to 0.25%). The news sent the 10-year bond yield and Japanese yen higher, as market participants interpreted the announcement to mean that the BoJ may pivot from its previous monetary stance.

During the reporting period, short- and long-term U.S. Treasury yields moved higher. The yield on the benchmark 10-year U.S. Treasury note was 3.88% on December 31, 2022, versus 2.98% on June 30, 2022. The Bloomberg Global Treasury Index (USD Hedged), which tracks fixed-rate, local currency government debt of investment grade countries, including developed and emerging markets, returned -2.97%. Meanwhile, the Bloomberg Global Aggregate Credit Index (USD Hedged), a widely used index of global investment grade credit bonds, returned -1.59%. In contrast, riskier fixed income asset classes, including high yield corporate bonds and emerging market debt, generated positive returns. The ICE BofAML Developed Markets High Yield Constrained Index (USD Hedged), a widely used index of below-investment-grade bonds, returned 3.82%, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global (USD Hedged), returned 2.93%. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned 3.33%.

Amid periods of volatility, global equities generally posted mixed results during the reporting period as economic and geopolitical concerns impacted investor sentiment. U.S. equities, as represented by the S&P 500 Index, returned 2.31%. Global equities, as represented by the MSCI World Index, returned 2.97%, while emerging market equities, as

2 PIMCO EQUITY SERIES

measured by the MSCI Emerging Markets Index, returned -2.99%. Meanwhile, Japanese equities, as represented by the Nikkei 225 Index (in Japanese yen), returned -0.06% and European equities, as represented by the MSCI Europe Index (in euro), returned 5.05%.

Commodity prices were volatile and generated mixed returns during the reporting period. Brent crude oil, which was approximately $119.78 a barrel at the start of the reporting period, fell to roughly $82.82 a barrel at the end of December 2022. In contrast, prices of other commodities, such as copper and gold, edged higher during the period.

Finally, there were also periods of volatility in the foreign exchange markets. We believe this was driven by several factors, including economic growth expectations and changing central bank monetary policies, as well as rising inflation, COVID-19 variants, and geopolitical events. The U.S. dollar was mixed against several major currencies. For example, during the reporting period, the U.S. dollar returned -2.11%, +0.78%, and -3.51% versus the euro, the British pound and the Japanese yen, respectively.

Thank you for the assets you have placed with us. We deeply value your trust, and we will continue to work diligently to meet your broad investment needs. For any questions regarding the funds, please contact your account manager or financial adviser, or call one of our shareholder associates at (888) 87-PIMCO. We also invite you to visit our website at www.pimco.com to learn more about our global.

Sincerely,     Peter G. Strelow Chairman of the Board
PIMCO Equity Series  

Past performance is no guarantee of future results. Unless otherwise noted, index returns reflect the reinvestment of income distributions and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. It is not possible to invest directly in an unmanaged index.

SEMIANNUAL REPORT | DECEMBER 31, 2022 3

Important Information About the Funds

PIMCO Equity Series (the “Trust”) is an open-end management investment company that includes PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF, PIMCO RAFI Dynamic Multi-Factor International Equity ETF, PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF and PIMCO RAFI ESG U.S. ETF, which are exchange-traded funds (“ETFs”) that seek to provide total return that closely corresponds, before fees and expenses, to the total return of a specified index (each, a “Fund” and collectively, the “Funds”). Each Fund employs a representative sampling strategy in seeking to achieve its investment objective. In using this strategy, PIMCO seeks to invest in a combination of instruments such that the portfolio effectively provides exposure to the underlying index. A Fund may not track its underlying index with the same degree of accuracy as a fund that replicates the composition and weighting of the underlying index. Shares of the Funds will be listed and traded at market prices on NYSE Arca, Inc. (“NYSE Arca”) and other secondary markets. The market price for each Fund’s shares may be different from the Fund’s net asset value (“NAV”). Each Fund issues and redeems shares at its NAV only in blocks of a specified number of shares (“Creation Units”). Only certain large institutional investors may purchase or redeem Creation Units directly with the Funds at NAV (“Authorized Participants”). These transactions are in exchange for certain securities similar to a Fund’s portfolio and/or cash. Except when aggregated in Creation Units, shares of a Fund are not redeemable securities. Shareholders who are not Authorized Participants may not redeem shares from the Funds at NAV.

We believe that equity funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that equity funds are subject to notable risks. Among other things, equity and equity-related securities may decline in value due to both real and perceived general market, economic, and industry conditions.

The values of equity securities, such as common stocks and preferred securities, have historically risen and fallen in periodic cycles and may decline due to general market conditions, which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. Equity securities may also decline due to factors that affect a particular industry or industries, such as labor shortages, increased production costs and competitive conditions within an industry. In addition, the value of an equity security may decline for a number of reasons that directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets. Different types of equity securities may react differently to these developments and a change in the financial condition of a single issuer may affect securities markets as a whole.

During a general downturn in the securities markets, multiple asset classes, including equity securities, may decline in value simultaneously. The market price of equity securities owned by a Fund may go up or down, sometimes rapidly or unpredictably. Equity securities generally have greater price volatility than fixed income securities and common stocks generally have the greatest appreciation and depreciation potential of all equity securities.

The Funds may be subject to various risks as described in each Fund’s prospectus and in the Principal and Other Risks in the Notes to Financial Statements.

Classifications of the Funds’ portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Allocation Breakdown and Schedule of Investments sections of this report may differ from the classification used for the Funds’ compliance calculations, including those used in the Funds’ prospectus, investment objectives, regulatory, and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. Each Fund is separately monitored for compliance with respect to prospectus and regulatory requirements.

The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security’s country of incorporation may be different from its country of economic exposure.

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. In 2022, many countries lifted some or all restrictions related to COVID-19. However, the effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Funds’ performance. In addition, COVID-19 and governmental responses to COVID-19 may negatively impact the capabilities of the Funds’ service providers and disrupt the Funds’ operations.

The United States’ enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities. The United States’ enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government’s response, may also negatively impact securities and instruments that are economically tied to Russia.

4 PIMCO EQUITY SERIES

A Fund may have significant exposure to issuers in the United Kingdom. The United Kingdom’s withdrawal from the European Union may impact Fund returns. The withdrawal may cause substantial volatility in foreign exchange markets, lead to weakness in the exchange rate of the British pound, result in a sustained period of market uncertainty, and destabilize some or all of the other European Union member countries and/or the Eurozone.

A Fund may invest in certain instruments that rely in some fashion upon the London Interbank Offered Rate (“LIBOR”). LIBOR is an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, has announced plans to ultimately phase out the use of LIBOR. There remains uncertainty regarding future utilization of LIBOR and the nature of any replacement rate (e.g., the Secured Overnight Financing Rate, which is intended to replace U.S. dollar LIBOR and measures the cost of overnight borrowings through repurchase agreement transactions collateralized with U.S. Treasury securities). Any potential effects of the transition away from LIBOR on a Fund or on certain instruments in which a Fund invests can be difficult to ascertain, and they may vary depending on a variety of factors. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to a Fund.

A Fund may invest in securities and instruments that are economically tied to Russia. Investments in Russia are subject to various risks such as, but not limited to political, economic, legal, market and currency risks. The risks include uncertain political and economic policies, short-term market volatility, poor accounting standards, corruption and crime, an inadequate regulatory system, regional armed conflict and unpredictable taxation. Investments in Russia are particularly subject to the risk that further economic sanctions and other similar measures may be imposed by the United States and/or other countries. Other similar measures may include, but are not limited to, banning Russia or certain persons or entities associated with Russia from global payment systems that facilitate cross-border payments, restricting the settlement of securities transactions by certain investors, and freezing Russian assets or those of particular countries, entities or persons with ties to Russia. Such sanctions and other similar measures — which may impact companies in many sectors, including energy, financial services and defense, among others — may negatively impact a Fund’s performance and/or ability to achieve its investment objective. For example, certain investments may be prohibited and/or existing investments may become illiquid (e.g., in the event that transacting in certain existing investments is prohibited, securities markets close, or market participants cease transacting in certain investments in light of geopolitical events, sanctions or related considerations), which could render any such securities held by a Fund

unmarketable for an indefinite period of time and/or cause the Fund to sell other portfolio holdings at a disadvantageous time or price in order to meet shareholder redemptions. In addition, such sanctions or other similar measures, and the Russian government’s response, could result in a downgrade of Russia’s credit rating or of securities of issuers located in or economically tied to Russia, devaluation of Russia’s currency and/or increased volatility with respect to Russian securities and the ruble. Moreover, disruptions caused by Russian military action or other actions (including cyberattacks, espionage or other asymmetric measures) or resulting actual or threatened responses to such activity may impact Russia’s economy and Russian issuers of securities in which a Fund invests. Such resulting actual or threatened responses may include, but are not limited to, purchasing, selling and financing restrictions, withdrawal of financial intermediaries, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks on the Russian government, Russian companies or Russian individuals, including politicians. Sanctions and other similar measures have resulted in defaults on debt obligations by certain corporate issuers and the Russian Federation that could lead to cross-defaults or cross-accelerations on other obligations of these issuers. Default by the Russian Federation on its sovereign debt will have implications to credit default swaps in relation to the Russian Federation. A Fund’s ability to participate in any resulting credit default swap auction or physical settlement process may be limited by, among other things, sanctions or other similar measures. The Russian securities market is characterized by limited volume of trading, resulting in difficulty in obtaining accurate prices and trading. These issues can be magnified as a result of sanctions and other similar measures that may be imposed and the Russian government’s response. The Russian securities market, as compared to U.S. markets, has significant price volatility, less liquidity, a smaller market capitalization and a smaller number of traded securities. There may be little publicly available information about issuers. Settlement, clearing and registration of securities transactions are subject to risks. Prior to the implementation of the National Settlement Depository (“NSD”), a recognized central securities depository, there was no central registration system for equity share registration in Russia, and registration was carried out by either the issuers themselves or by registrars located throughout Russia. Title to Russian equities held through the NSD is now based on the records of the NSD and not the registrars. Although the implementation of the NSD has enhanced the efficiency and transparency of the Russian securities market, issues resulting in loss can still occur. Ownership of securities issued by Russian companies that are not held through depositories such as the NSD may be recorded by companies themselves and by registrars. In such cases, the risk is increased that a Fund could lose ownership rights through fraud, negligence or oversight. While applicable Russian regulations impose liability on registrars for losses resulting from their errors, it may be difficult for a Fund to enforce any rights it may have against the registrar or issuer of the securities in the event of loss of share

SEMIANNUAL REPORT | DECEMBER 31, 2022 5

Important Information About the Funds (Cont.)

registration. In addition, issuers and registrars are still prominent in the validation and approval of documentation requirements for corporate action processing in Russia. Because the documentation requirements and approval criteria vary between registrars and issuers, there remain unclear and inconsistent market standards in the Russian market with respect to the completion and submission of corporate action elections. To the extent that a Fund suffers a loss relating to title or corporate actions relating to its portfolio securities, it may be difficult for the Fund to enforce its rights or otherwise remedy the loss. Russian securities laws may not recognize foreign nominee accounts held with a custodian bank, and therefore the custodian may be considered the ultimate owner of securities they hold for their clients. Adverse currency exchange rates are a risk and there may be a lack of available currency hedging instruments. Investments in Russia may be subject to the risk of nationalization or expropriation of assets. Oil, natural gas, metals, and timber account for a significant portion of Russia’s exports, leaving the country vulnerable to swings in world prices, and to sanctions or other actions that may be directed at the Russian economy as a whole or at Russian oil, natural gas, metals or timber industries.

Foreign investors also face a high degree of currency risk when investing in Russian securities and a lack of available currency hedging instruments. In addition, there is the risk that the Russian government may impose capital controls on foreign portfolio investments in the event of extreme financial or political crisis. Such capital controls may prevent the sale of a portfolio of foreign assets and the repatriation of investment income and capital.

Engaging in a responsible investment strategy, which may select or exclude securities of certain issuers for reasons other than performance, carries the risk that a Fund may underperform funds that do not utilize a responsible investment strategy. The application of this strategy may affect a Fund’s exposure to certain sectors or types of investments, which could negatively impact the Fund’s performance. Responsible investing is qualitative and subjective by nature, and there is no guarantee that the criteria utilized or any judgment exercised in pursuing a responsible investment strategy will reflect the beliefs or values of any particular investor. In evaluating a company, the information and data obtained through voluntary or third-party reporting may be incomplete, inaccurate or unavailable, which could cause an incorrect assessment of a company’s business practices with respect to the environment, social responsibility and corporate governance (“ESG practices”). Socially responsible norms differ by region, and a company’s ESG practices or the assessment of a company’s ESG practices may change over time.

On each individual Fund Summary page in this Shareholder Report, the Average Annual Total Return table and the Cumulative Returns chart measure performance assuming that any dividend and capital gain

distributions were reinvested. Returns do not reflect the deduction of taxes that a shareholder would pay on: (i) Fund distributions; or (ii) the sale of Fund shares. Each Fund’s performance is measured against the performance of at least one broad-based securities market index (“benchmark index”). A Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. There is no assurance that any Fund, including any Fund that has experienced high or unusual performance for one or more periods, will experience similar levels of performance in the future. High performance is defined as a significant increase in either 1) a Fund’s total return in excess of that of the Fund’s benchmark between reporting periods or 2) a Fund’s total return in excess of the Fund’s historical returns between reporting periods. Unusual performance is defined as a significant change in a Fund’s performance as compared to one or more previous reporting periods. Historical performance for a Fund may have been positively impacted by fee waivers or expense limitations in place during some or all of the periods shown, if applicable. Future performance (including total return or yield) and distributions may be negatively impacted by the expiration or reduction of any such fee waivers or expense limitations.

The following table discloses the inception dates of each Fund along with each Fund’s diversification status as of period end:

Fund Name	Fund Inception		Diversification Status
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF		08/31/17		Diversified
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		08/31/17		Diversified
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		08/31/17		Diversified
PIMCO RAFI ESG U.S. ETF		12/18/19		Diversified

An investment in a Fund is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in the Funds.

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service

agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Funds. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither a Fund’s prospectus nor a Fund’s summary prospectus, the Trust’s Statement of Additional Information (“SAI”), any contracts filed as exhibits to the Trust’s registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or a Fund creates a contract between or among any shareholder of a Fund, on the one hand, and the Trust, a Fund, a service provider to the Trust or a Fund, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other

6 PIMCO EQUITY SERIES

delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to a Fund or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or a Fund is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to any Fund, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust’s then-current prospectus or SAI.

On each business day, before commencement of trading on NYSE Arca, each Fund will disclose on www.pimcoetfs.com the identities and quantities of the Fund’s portfolio holdings. The frequency at which the daily market prices were at a discount or premium to each Fund’s NAV is disclosed on www.pimcoetfs.com. Please see “Disclosure of Portfolio Holdings” in the SAI for information about the availability of the complete schedule of each Fund’s holdings. Fund fact sheets provide additional information regarding a Fund and may be requested by calling (888) 400-4ETF and are available on the Fund’s website at www.pimcoetfs.com.

PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of a Fund. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of a Fund, and information about how the Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30th, are available without charge, upon request, by calling the Trust at (888) 400-4ETF, on the Fund’s website at www.pimcoetfs.com, and on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.

The Funds file portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Funds’ complete schedule of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC’s website at www.sec.gov and on PIMCO’s website at www.pimcoetfs.com, and will be made available, upon request, by calling PIMCO at (888) 400-4ETF.

SEC rules allow the Funds to fulfill their obligation to deliver shareholder reports to investors by providing access to such reports online free of charge and by mailing a notice that the report is electronically available. Investors may elect to receive all future reports in paper free of charge by contacting their financial intermediary. Any election to receive reports in paper will apply to all funds held in the investor’s account at the financial intermediary.

In October 2020, the SEC adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, the rule requires funds that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and a certain derivatives risk management program and reporting requirements. These requirements may limit the ability of the Funds to use derivatives and reverse repurchase agreements and similar financing transactions as part of their investment strategies and may increase the cost of the Funds’ investments and cost of doing business, which could adversely affect investors. The rule went into effect on February 19, 2021. The compliance date for the new rule and related reporting requirements was August 19, 2022.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines “readily available market quotations” for purposes of the definition of “value” under the Investment Company Act of 1940 (the “Act”), and the SEC noted that this definition will apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022.

In May 2022, the SEC proposed amendments to a current rule governing fund naming conventions. In general, the current rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The proposed amendments would expand the scope of the current rule in a number of ways that would result in an expansion of the types of fund names that would require the fund to adopt an 80% investment policy under the rule. Additionally, the proposed amendments would modify the circumstances under which a fund may deviate from its 80% investment policy and address the use and valuation of derivatives instruments for purposes of the rule. The proposal’s impact on the Funds will not be known unless and until any final rulemaking is adopted.

In May 2022, the SEC proposed a framework that would require certain registered funds (such as the Funds) to disclose their environmental, social, and governance (“ESG”) investing practices. Among other things, the proposed requirements would mandate that funds meeting three pre-defined classifications (i.e., integrated, ESG focused and/or impact funds) provide prospectus and shareholder report disclosure related to the ESG factors, criteria and processes used in managing the fund. The proposal’s impact on the Funds will not be known unless and until any final rulemaking is adopted.

SEMIANNUAL REPORT | DECEMBER 31, 2022 7

Important Information About the Funds (Cont.)

In October 2022, the SEC adopted changes to the mutual fund and exchange-traded fund (“ETF”) shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will impact the disclosures provided to shareholders. The rule amendments are effective as of January 24, 2023, but the SEC is providing an 18-month compliance period following the effective date for such amendments other than those addressing fee and expense information in advertisements that might be materially misleading.

In November 2022, the SEC proposed rule amendments which, among other things, would require funds to adopt swing pricing in order to mitigate dilution of shareholders’ interests in a fund by requiring the adjustment of fund net asset value per share to pass on costs stemming from shareholder purchase or redemption activity. In addition the proposed rule would amend the liquidity rule framework. The proposal’s impact on the Funds will not be known unless and until any final rulemaking is adopted.

In November 2022, the SEC adopted amendments to Form N-PX under the act to improve the utility to investors of proxy voting information reported by mutual funds, ETFs and certain other funds. The rule amendments will expand the scope of funds’ Form N-PX reporting obligations, subject managers to Form N-PX reporting obligations for “Say on Pay” votes, enhance Form N-PX disclosures, permit joint reporting by funds, managers and affiliated managers on Form N-PX; and require website availability of fund proxy voting records. The amendments will become effective on July 1, 2024. Funds and managers will be required to file their first reports covering the period from July 1, 2023 to June 30, 2024 on amended Form N-PX by August 31, 2024.

8 PIMCO EQUITY SERIES

PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF

Cumulative Returns Through December 31, 2022

$10,000 invested at the end of the month when the Fund commenced operations.

Investment Objective and Strategy Overview

PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF seeks to track the investment results of the RAFI Dynamic Multi-Factor Emerging Markets Index (the “Underlying Index”) by investing under normal circumstances, at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities (“Component Securities”) of the Underlying Index. The Fund may invest the remainder of its assets in cash, securities and instruments that are not Component Securities, but which PIMCO believes will help the Fund track its Underlying Index. The Underlying Index is designed to provide long-only exposure to multiple equity factors that seek to produce attractive long-term returns, and which may lower risk compared to less diversified strategies. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended December 31, 2022
		6 Months*		1 Year		5 Years		Fund Inception (08/31/17)
	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (Based on Net Asset Value)		1.69%		(19.41)%		0.13%		0.92%
	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (At Market Price)(1)(2)		0.45%		(19.55)%		(0.09)%		0.77%
	RAFI Dynamic Multi-Factor Emerging Markets Index±		2.39%		(18.49)%		0.86%		1.69%
	MSCI Emerging Markets Index±±		(2.99)%		(20.09)%		(1.40)%		(0.05)%

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

* Cumulative return.

Market Returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively.

⁽¹⁾ The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated.

⁽²⁾ The Fund was seeded on August 31, 2017, but was not listed for trading until September 6, 2017. Accordingly, there is no Market Price information for August 31, 2017 through September 5, 2017.

^± The RAFI Dynamic Multi-Factor Emerging Markets Index strategy takes time-varying exposures to four return factors; value, low volatility, quality, and momentum. The index uses recent and historical metrics to tilt toward factor portfolios which are particularly attractive on a forward looking basis. It is not possible to invest directly in the index.

^±± The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.

It is not possible to invest directly in an unmanaged index.

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of Fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or (888) 400-4ETF.

The Fund’s total annual operating expense ratio in effect as of period end was 0.52%. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

SEMIANNUAL REPORT | DECEMBER 31, 2022 9

Ticker symbol - MFEM

Top 10 Holdings as of December 31, 2022^†§

Vale SA	1.7%
Infosys Ltd.	1.6%
POSCO Holdings, Inc.	1.4%
Bank of China Ltd. ‘H’	1.3%
Pinduoduo, Inc. ADR	1.2%
Taiwan Semiconductor Manufacturing Co. Ltd.	1.1%
America Movil SAB de CV	1.1%
Hyundai Motor Co.	1.1%
Reliance Industries Ltd.	1.1%
Meituan ‘B’	1.0%

Geographic Breakdown as of December 31, 2022†**

China	17.3%
India	16.6%
South Korea	13.8%
Taiwan	13.5%
Brazil	6.6%
Thailand	6.2%
South Africa	4.7%
Turkey	4.6%
Mexico	3.2%
Hong Kong	2.8%
Saudi Arabia	2.8%
Indonesia	2.5%
Malaysia	1.8%
Chile	1.1%
Short-Term Instruments	0.4%
Other	2.1%

^† % of Investments, at value.

^§ Top 10 Holdings and % of Investments exclude securities sold short, financial derivative instruments and short-term instruments, if any.

** Geographic Breakdown and % of Investments exclude securities sold short and financial

derivative instruments, if any.

Fund Insights at NAV

The following affected performance (on a gross basis) during the reporting period:

» Overweight exposure to, and security selection in, the energy sector contributed to relative returns compared to the Fund’s secondary benchmark, the MSCI Emerging Markets Index, as the sector and the Fund’s holdings outperformed the secondary benchmark index.

» Security selection in the industrials sector contributed to relative returns compared to the Fund’s secondary benchmark, the MSCI Emerging Markets Index, as the Fund’s holdings outperformed the secondary benchmark index.

» Underweight exposure to, and security selection in, the consumer discretionary sector contributed to relative returns compared to the Fund’s secondary benchmark, the MSCI Emerging Markets Index, as the sector underperformed the secondary benchmark index and the Fund’s holdings outperformed the secondary benchmark index.

» There were no material detractors for this Fund.

10 PIMCO EQUITY SERIES

PIMCO RAFI Dynamic Multi-Factor International Equity ETF

Cumulative Returns Through December 31, 2022

$10,000 invested at the end of the month when the Fund commenced operations.

Investment Objective and Strategy Overview

PIMCO RAFI Dynamic Multi-Factor International Equity ETF seeks to track the investment results of the RAFI Dynamic Multi-Factor Developed Ex-U.S. Index (the “Underlying Index”) by investing under normal circumstances at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities (“Component Securities”) of the Underlying Index. The Fund may invest the remainder of its assets in cash, securities and instruments that are not Component Securities, but which PIMCO believes will help the Fund track its Underlying Index. The Underlying Index is designed to provide long-only exposure to multiple equity factors that seek to produce attractive long-term returns, and which may lower risk compared to less diversified strategies. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended December 31, 2022
		6 Months*		1 Year		5 Years		Fund Inception (08/31/17)
	PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Based on Net Asset Value)		4.65%		(10.38)%		1.99%		3.19%
	PIMCO RAFI Dynamic Multi-Factor International Equity ETF (At Market Price)(1)(2)		4.31%		(10.28)%		1.91%		3.08%
	RAFI Dynamic Multi-Factor Developed Ex-U.S. Index±		4.86%		(10.47)%		2.16%		3.50%
	MSCI EAFE Index±±		6.36%		(14.45)%		1.54%		2.71%

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

* Cumulative return.

Market Returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively.

⁽¹⁾ The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated.

⁽²⁾ The Fund was seeded on August 31, 2017, but was not listed for trading until September 6, 2017. Accordingly, there is no Market Price information for August 31, 2017 through September 5, 2017.

^± The RAFI Dynamic Multi-Factor Developed Ex-U.S. Index takes time-varying exposures to five return factors; value, low volatility, quality, momentum and size. The index uses recent and historical metrics to tilt toward factor portfolios which are particularly attractive on a forward looking basis. It is not possible to invest directly in the index.

^±± MSCI EAFE Index is an unmanaged index designed to represent the performance of large and mid-cap securities across 21 developed markets, including countries in Europe, Australasia and the Far East, excluding the U.S. and Canada.

It is not possible to invest directly in an unmanaged index.

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of Fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or (888) 400-4ETF.

The Fund’s total annual operating expense ratio in effect as of period end was 0.40%. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

SEMIANNUAL REPORT | DECEMBER 31, 2022 11

Ticker symbol - MFDX

Top 10 Holdings as of December 31, 2022^†§

AstraZeneca PLC	1.5%
BP PLC	1.4%
Novo Nordisk AS ‘B’	1.4%
Glencore PLC	1.1%
Equinor ASA	1.0%
Nestle SA	1.0%
Eni SpA	0.9%
Zurich Insurance Group AG	0.8%
Shell PLC	0.8%
Bayerische Motoren Werke AG	0.8%

Geographic Breakdown as of December 31, 2022^†**

Japan	26.6%
United Kingdom	13.7%
France	7.9%
Canada	7.0%
Switzerland	6.9%
Germany	6.0%
Australia	5.1%
Spain	4.3%
Netherlands	4.0%
Italy	2.7%
Denmark	2.4%
Sweden	2.2%
Hong Kong	1.9%
Norway	1.9%
Singapore	1.7%
Finland	1.2%
Ireland	1.0%
Short-Term Instruments	0.3%
Other	3.2%

^† % of Investments, at value.

^§ Top 10 Holdings and % of Investments exclude securities sold short, financial derivative instruments and short-term instruments, if any.

** Geographic Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

Fund Insights at NAV

The following affected performance (on a gross basis) during the reporting period:

» Underweight exposure to, and security selection in, the health care sector contributed to relative returns compared to the Fund’s secondary benchmark, the MSCI EAFE Index, as the sector underperformed the secondary benchmark index and the Fund’s holdings outperformed the secondary benchmark index.

» Overweight exposure to, and security selection in, the materials sector contributed to relative returns compared to the Fund’s secondary benchmark, the MSCI EAFE Index, as the sector and the Fund’s holdings outperformed the secondary benchmark index.

» Overweight exposure to the energy sector contributed to relative returns compared to the Fund’s secondary benchmark, the MSCI EAFE Index, as the sector outperformed the secondary benchmark index.

» Overweight exposure to, and security selection in, the communication services sector detracted from relative returns compared to the Fund’s secondary benchmark, the MSCI EAFE Index, as the sector and the Fund’s holdings underperformed the secondary benchmark index.

» Underweight exposure to, and security selection in, the consumer discretionary sector detracted from relative returns compared to the Fund’s secondary benchmark, the MSCI EAFE Index, as the sector outperformed the secondary benchmark index and the Fund’s holdings underperformed the secondary benchmark index.

» Overweight exposure to, and security selection in, the utilities sector detracted from relative returns compared to the Fund’s secondary benchmark, the MSCI EAFE Index, as the sector and the Fund’s holdings underperformed the secondary benchmark index.

12 PIMCO EQUITY SERIES

PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF

Cumulative Returns Through December 31, 2022

$10,000 invested at the end of the month when the Fund commenced operations.

Investment Objective and Strategy Overview

PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF seeks to track the investment results of the RAFI Dynamic Multi-Factor U.S. Index (the “Underlying Index”) by investing under normal circumstances, at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities (“Component Securities”) of the Underlying Index. The Fund may invest the remainder of its assets in cash, securities and instruments that are not Component Securities, but which PIMCO believes will help the Fund track its Underlying Index. The Underlying Index is designed to provide long-only exposure to multiple equity factors that seek to produce attractive long-term returns, and which may lower risk compared to less diversified strategies. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended December 31, 2022
		6 Months*		1 Year		5 Years		Fund Inception (08/31/17)
	PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (Based on Net Asset Value)		7.01%		(5.62)%		8.81%		10.39%
	PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (At Market Price)(1)(2)		7.07%		(5.86)%		8.76%		10.36%
	RAFI Dynamic Multi-Factor U.S. Index±		7.16%		(5.41)%		9.17%		10.78%
	S&P 500 Index±±		2.31%		(18.11)%		9.42%		10.55%

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

* Cumulative return.

Market Returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively.

⁽¹⁾ The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated.

⁽²⁾ The Fund was seeded on August 31, 2017, but was not listed for trading until September 6, 2017. Accordingly, there is no Market Price information for August 31, 2017 through September 5, 2017.

^± The RAFI Dynamic Multi-Factor U.S. index takes time-varying exposures to five return factors; value, low volatility, quality, momentum and size. The index uses recent and historical metrics to tilt toward factor portfolios which are particularly attractive on a forward looking basis.

^±± S&P 500 Index is an unmanaged market index generally considered representative of the stock market as a whole. The Index focuses on the largecap segment of the U.S. equities market.

It is not possible to invest directly in an unmanaged index.

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of Fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or (888) 400-4ETF.

The Fund’s total annual operating expense ratio in effect as of period end was 0.30%. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

SEMIANNUAL REPORT | DECEMBER 31, 2022 13

Ticker symbol - MFUS

Top 10 Holdings as of December 31, 2022^†§

Exxon Mobil Corp.	2.6%
Chevron Corp.	2.3%
Walmart, Inc.	2.0%
Johnson & Johnson	2.0%
AT&T, Inc.	2.0%
Merck & Co., Inc.	1.9%
Gilead Sciences, Inc.	1.6%
International Business Machines Corp.	1.6%
Procter & Gamble Co.	1.6%
Pfizer, Inc.	1.4%

Sector Breakdown as of December 31, 2022^†**

Health Care	17.9%
Consumer Staples	14.5%
Energy	12.7%
Financials	11.9%
Consumer Discretionary	9.9%
Industrials	9.9%
Information Technology	9.5%
Communication Services	4.9%
Materials	3.9%
Real Estate	2.2%
Utilities	2.1%
Short-Term Instruments	0.6%

^† % of Investments, at value.

^§ Top 10 Holdings and % of Investments exclude securities sold short, financial derivative instruments and short-term instruments, if any.

** Sector Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

Fund Insights at NAV

The following affected performance (on a gross basis) during the reporting period:

» Overweight exposure to, and security selection in, the energy sector contributed to relative returns compared to the Fund’s secondary benchmark, the S&P 500 Index, as the sector and the Fund’s holdings outperformed the secondary benchmark index.

» Underweight exposure to, and security selection in, the information technology sector contributed to relative returns compared to the Fund’s secondary benchmark, the S&P 500 Index, as the sector underperformed the secondary benchmark index and the Fund’s holdings outperformed the secondary benchmark index.

» Security selection in the consumer discretionary sector contributed to relative returns compared to the Fund’s secondary benchmark, the S&P 500 Index, as the Fund’s holdings outperformed the secondary benchmark index.

» Security selection in the financials sector detracted from relative returns compared to the Fund’s secondary benchmark, the S&P 500 Index, as the Fund’s holdings underperformed the secondary benchmark index.

» Security selection in the industrials sector detracted from relative returns compared to the Fund’s secondary benchmark, the S&P 500 Index, as the Fund’s holdings underperformed the secondary benchmark index.

» Security selection in the utilities sector detracted from relative returns compared to the Fund’s secondary benchmark, the S&P 500 Index, as the Fund’s holdings underperformed the secondary benchmark index.

14 PIMCO EQUITY SERIES

PIMCO RAFI ESG U.S. ETF

Cumulative Returns Through December 31, 2022

$10,000 invested at the end of the month when the Fund commenced operations.

Investment Objective and Strategy Overview

PIMCO RAFI ESG U.S. ETF seeks to provide total return that closely corresponds, before fees and expenses, to the total return of the RAFI ESG US Index (the “Underlying Index”) by investing under normal circumstances, at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities (“Component Securities”) of the Underlying Index. The Fund may invest the remainder of its assets in cash, securities and instruments that are not Component Securities, but which PIMCO believes will help the Fund track its Underlying Index. The Underlying Index is a long-only, smart beta index that seeks to achieve the dual objectives of social responsibility and long-horizon outperformance of the broad market. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended December 31, 2022
		6 Months*		1 Year		Fund Inception (12/18/19)
	PIMCO RAFI ESG U.S. ETF (Based on Net Asset Value)		3.10%		(13.84)%		6.03%
	PIMCO RAFI ESG U.S. ETF (At Market Price)(1)(2)		3.25%		(13.80)%		5.86%
	RAFI ESG US Index±		3.28%		(13.66)%		6.37%
	S&P 500 Index±±		2.31%		(18.11)%		8.02%

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

* Cumulative return.

Market Returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively.

⁽¹⁾ The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated.

⁽²⁾ The Fund was seeded on December 18, 2019, but was not listed for trading until December 19, 2019. Accordingly, there is no Market Price information for December 18, 2019.

^± The RAFI ESG US Index is a long-only, smart beta index that seeks to achieve the dual objectives of social responsibility and long-horizon outperformance of the broad market. The Index is constructed by RAFI Indices, LLC (the “Index Provider”) using a rules-based approach within publicly traded U.S. equities to create an integrated ESG strategy which overweights companies that rate well across various ESG (Environmental, Social, and Governance) themes and excludes companies with a major involvement in industries such as tobacco, gaming, weapons and fossil fuels. The strategy supplements traditional ESG metrics with metrics linked to long-term value creation, specifically financial discipline and diversity, for improved return potential. It is not possible to invest directly in the index.

^±± S&P 500 Index is an unmanaged market index generally considered representative of the stock market as a whole. The Index focuses on the largecap segment of the U.S. equities market.

It is not possible to invest directly in an unmanaged index.

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of Fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or (888) 400-4ETF.

The Fund’s total annual operating expense ratio in effect as of period end was 0.30%. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

SEMIANNUAL REPORT | DECEMBER 31, 2022 15

Ticker symbol - RAFE

Top 10 Holdings as of December 31, 2022^†§

Microsoft Corp.	4.7%
Apple, Inc.	4.4%
Johnson & Johnson	3.4%
AT&T, Inc.	3.2%
JPMorgan Chase & Co.	2.9%
Cisco Systems, Inc.	2.7%
Intel Corp.	2.6%
Pfizer, Inc.	2.5%
Procter & Gamble Co.	2.4%
Merck & Co., Inc.	2.4%

Sector Breakdown as of December 31, 2022^†**

Information Technology	28.0%
Health Care	23.0%
Financials	15.0%
Communication Services	9.0%
Consumer Staples	7.6%
Consumer Discretionary	7.5%
Industrials	4.6%
Materials	3.2%
Real Estate	1.8%
Utilities	0.3%

^† % of Investments, at value.

^§ Top 10 Holdings and % of Investments exclude securities sold short, financial derivative instruments and short-term instruments, if any.

** Sector Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

Fund Insights at NAV

The following affected performance (on a gross basis) during the reporting period:

» Underweight exposure to, and security selection in, the consumer discretionary sector contributed to relative returns compared to the Fund’s secondary benchmark, the S&P 500 Index, as the sector underperformed the secondary benchmark index and the Fund’s holdings outperformed the secondary benchmark index.

» Overweight exposure to, and security selection in, the health care sector contributed to relative returns compared to the Fund’s secondary benchmark, the S&P 500 Index, as the sector and the Fund’s holdings outperformed the secondary benchmark index.

» Overweight exposure to, and security selection in, the financials sector contributed to relative returns compared to the Fund’s secondary benchmark, the S&P 500 Index, as the sector and the Fund’s holdings outperformed the secondary benchmark index.

» Underweight exposure to the energy sector detracted from relative returns compared to the Fund’s secondary benchmark, the S&P 500 Index, as the sector outperformed the secondary benchmark index.

» Underweight exposure to, and security selection in, the industrials sector detracted from relative returns compared to the Fund’s secondary benchmark, the S&P 500 Index, as the sector outperformed the secondary benchmark index and the Fund’s holdings underperformed the secondary benchmark index.

» Overweight exposure to, and security selection in, the information technology sector detracted from relative returns compared to the Fund’s secondary benchmark, the S&P 500 Index, as the sector and the Fund’s holdings underperformed the secondary benchmark index.

16 PIMCO EQUITY SERIES

Expense Examples

Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and exchange fees and (2) ongoing costs, including management fees and other Fund expenses. The Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which for all Funds and share classes is from July 1, 2022 to December 31, 2022 unless noted otherwise in the table and footnotes below.

Actual Expenses

The information in the table under the heading “Actual” provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60), then multiply the result by the number in the appropriate row for your share class, in the column entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) on purchase payments and exchange fees. Therefore, the information under the heading “Hypothetical (5% return before expenses)” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Expense ratios may vary period to period because of various factors, such as an increase in expenses not covered by the management fees (such as expenses of the independent trustees and their counsel, extraordinary expenses and interest expense).

	Actual						Hypothetical (5% return before expenses)
	Beginning Account Value (07/01/22)		Ending Account Value (12/31/22)		Expenses Paid During Period*		Beginning Account Value (07/01/22)		Ending Account Value (12/31/22)		Expenses Paid During Period*		Net Annualized Expense Ratio**
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	$	1,000.00	$	1,016.90	$	2.52	$	1,000.00	$	1,022.98	$	2.53		0.49	%
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		1,000.00		1,046.50		2.03		1,000.00		1,023.49		2.01		0.39
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		1,000.00		1,070.10		1.53		1,000.00		1,024.00		1.50		0.29
PIMCO RAFI ESG U.S. ETF		1,000.00		1,031.00		1.50		1,000.00		1,024.00		1.50		0.29

* Expenses Paid During Period are equal to the net annualized expense ratio for the fund, multiplied by the average account value over the period, multiplied by 186/365 (to reflect the one-half year period).

** Net Annualized Expense Ratio is reflective of any applicable contractual fee waivers and/or expense reimbursements or voluntary fee waivers. Details regarding fee waivers, if any, can be found in Note 9, Fees and Expenses, in the Notes to Financial Statements.

SEMIANNUAL REPORT | DECEMBER 31, 2022 17

Financial Highlights

			Investment Operations								Less Distributions(c)
Selected Per Share Data for the Year or Period Ended*:	Net Asset Value Beginning of Year or Period(a)		Net Investment Income (Loss)(b)		Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Net Realized Capital Gains			Total
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF
07/01/2022 - 12/31/2022+	$	18.33	$	0.42	$	(0.14	)	$	0.28		$	(0.53	)	$	(0.59	)	$	(1.12	)
06/30/2022		31.06		1.21		(6.94	)		(5.73	)		(2.46	)		(4.54	)		(7.00	)
06/30/2021		20.84		0.50		10.14			10.64			(0.42	)		0.00			(0.42	)
06/30/2020		24.24		0.59		(3.41	)		(2.82	)		(0.58	)		0.00			(0.58	)
06/30/2019		23.94		0.64		0.39			1.03			(0.73	)		0.00			(0.73	)
08/31/2017 - 06/30/2018		25.00		0.42		(1.41	)		(0.99	)		(0.07	)		0.00			(0.07	)
PIMCO RAFI Dynamic Multi-Factor International Equity ETF
Institutional Class
07/01/2022 - 12/31/2022+	$	25.16	$	0.31	$	0.83		$	1.14		$	(0.63	)	$	0.00		$	(0.63	)
06/30/2022		29.66		0.95		(4.57	)		(3.62	)		(0.88	)		0.00			(0.88	)
06/30/2021		22.86		0.69		6.53			7.22			(0.42	)		0.00			(0.42	)
06/30/2020		24.94		0.53		(1.84	)		(1.31	)		(0.77	)		0.00			(0.77	)
06/30/2019		25.87		0.72		(0.89	)		(0.17	)		(0.76	)		0.00			(0.76	)
08/31/2017 - 06/30/2018		25.00		0.62		0.44			1.06			(0.19	)		0.00			(0.19	)
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF
Institutional Class
07/01/2022 - 12/31/2022+	$	36.24	$	0.43	$	2.08		$	2.51		$	(0.61	)	$	0.00		$	(0.61	)
06/30/2022		39.00		0.75		(2.90	)		(2.15	)		(0.61	)		0.00			(0.61	)
06/30/2021		27.74		0.52		11.28			11.80			(0.54	)		0.00			(0.54	)
06/30/2020		29.21		0.62		(1.44	)		(0.82	)		(0.65	)		0.00			(0.65	)
06/30/2019		28.30		0.59		0.91			1.50			(0.59	)		0.00			(0.59	)
08/31/2017 - 06/30/2018		25.00		0.43		3.17			3.60			(0.30	)		0.00			(0.30	)
PIMCO RAFI ESG U.S. ETF
Institutional Class
07/01/2022 - 12/31/2022+	$	27.58	$	0.32	$	0.52		$	0.84		$	(0.48	)	$	0.00		$	(0.48	)
06/30/2022		30.72		0.60		(3.22	)		(2.62	)		(0.52	)		0.00			(0.52	)
06/30/2021		21.40		0.51		9.32			9.83			(0.51	)		0.00			(0.51	)
12/18/2019 - 06/30/2020		25.00		0.33		(3.72	)		(3.39	)		(0.21	)		0.00			(0.21	)

⁺  Unaudited

* Annualized, except for organizational expense, if any.

^(a)  Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds.

^(b)  Per share amounts based on average number of shares outstanding during the year or period.

^(c)  The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

^(d)  Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds. Additionally, excludes initial sales charges and contingent deferred sales charges.

18 PIMCO EQUITY SERIES See Accompanying Notes

					Ratios/Supplemental Data
							Ratios to Average Net Assets
Net Assets End of Year or Period(a)		Total Return(d)			Net Assets End of Year or Period (000s)		Expenses			Expenses Excluding Waivers			Expenses Excluding Interest Expense			Expenses Excluding Interest Expense and Waivers			Net Investment Income (Loss)			Portfolio Turnover Rate
$	17.49		1.69	%	$	72,044		0.49	%*		0.50	%*		0.49	%*		0.50	%*		4.69	%*		31	%
	18.33		(23.00	)		75,517		0.49			0.50			0.49			0.50			4.50			54
	31.06		51.62			494,452		0.50			0.51			0.50			0.51			1.91			58
	20.84		(11.86	)		619,324		0.49			0.50			0.49			0.50			2.66			59
	24.24		4.53			477,943		0.49			0.50			0.49			0.50			2.75			43
	23.94		(3.99	)		357,169		0.50	*		0.55	*		0.50	*		0.55	*		1.94	*		52
$	25.67		4.65	%	$	107,810		0.39	%*		0.40	%*		0.39	%*		0.40	%*		2.46	%*		12	%
	25.16		(12.60	)		85,539		0.39			0.40			0.39			0.40			3.30			39
	29.66		31.87			88,978		0.40			0.40			0.40			0.40			2.54			48
	22.86		(5.37	)		24,231		0.40			0.41			0.40			0.41			2.21			35
	24.94		(0.59	)		42,888		0.39			0.40			0.39			0.40			2.96			24
	25.87		4.22			28,976		0.40	*		0.87	*		0.40	*		0.87	*		2.81	*		36
$	38.14		7.01	%	$	115,196		0.29	%*		0.30	%*		0.29	%*		0.30	%*		2.26	%*		21	%
	36.24		(5.66	)		94,954		0.29			0.30			0.29			0.30			1.88			43
	39.00		43.02			82,677		0.29			0.30			0.29			0.30			1.53			63
	27.74		(2.80	)		25,525		0.30			0.31			0.30			0.31			2.12			36
	29.21		5.50			96,980		0.29			0.30			0.29			0.30			2.08			40
	28.30		14.43			65,658		0.29	*		0.60	*		0.29	*		0.60	*		1.89	*		56
$	27.94		3.10	%	$	27,939		0.29	%*		0.30	%*		0.29	%*		0.30	%*		2.21	%*		8	%
	27.58		(8.73	)		28,615		0.29			0.30			0.29			0.30			1.94			26
	30.72		46.63			20,584		0.30			0.31			0.30			0.31			1.91			32
	21.40		(13.42	)		8,988		0.30	*		0.86	*		0.30	*		0.86	*		2.75	*		12

SEMIANNUAL REPORT | DECEMBER 31, 2022 19

Statements of Assets and Liabilities December 31, 2022 (Unaudited)

(Amounts in thousands†, except per share amounts)	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF			PIMCO RAFI Dynamic Multi-Factor International Equity ETF			PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF			PIMCO RAFI ESG U.S. ETF
Assets:
Investments, at value
Investments in securities*^	$	71,724		$	107,479		$	115,515		$	27,852
Investments in Affiliates		6			0			0			0
Cash		0			0			0			184
Foreign currency, at value		177			344			0			0
Receivable for investments sold		0			602			394			76
Interest and/or dividends receivable		378			411			160			24
Reimbursement receivable from PIMCO		1			1			1			0
Other assets		3			0			0			0
Total Assets		72,289			108,837			116,070			28,136
Liabilities:
Payable for investments purchased	$	0		$	107		$	149		$	0
Payable upon return of securities loaned		6			0			0			0
Distributions payable		206			882			694			190
Accrued management fees		33			38			31			7
Total Liabilities		245			1,027			874			197
Net Assets	$	72,044		$	107,810		$	115,196		$	27,939
Net Assets Consist of:
Paid in capital	$	79,771		$	118,769		$	122,164		$	31,108
Distributable earnings (accumulated loss)		(7,727	)		(10,959	)		(6,968	)		(3,169	)
Net Assets	$	72,044		$	107,810		$	115,196		$	27,939
Shares Issued and Outstanding		4,120			4,200			3,020			1,000
Net Asset Value Per Share Outstanding(a):	$	17.49		$	25.67		$	38.14		$	27.94
Cost of investments in securities	$	73,830		$	104,448		$	102,828		$	29,239
Cost of investments in Affiliates	$	6		$	0		$	0		$	0
Cost of foreign currency held	$	173		$	343		$	0		$	0
* Includes repurchase agreements of:	$	257		$	320		$	709		$	0
^ Includes securities on loan of:	$	5		$	0		$	0		$	0

^†  A zero balance may reflect actual amounts rounding to less than one thousand.

^(a)  Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds.

20 PIMCO EQUITY SERIES See Accompanying Notes

Statements of Operations

Six Months Ended December 31, 2022 (Unaudited)
(Amounts in thousands†)	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF			PIMCO RAFI Dynamic Multi-Factor International Equity ETF			PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF			PIMCO RAFI ESG U.S. ETF
Investment Income:
Interest	$	2		$	2		$	3		$	0
Dividends, net of foreign taxes*		2,099			1,399			1,387			357
Securities lending income		2			2			1			0
Total Income		2,103			1,403			1,391			357
Expenses:
Management fees		198			191			158			41
Trustee fees		3			3			3			1
Interest expense		2			1			0			0
Miscellaneous expense		2			2			3			1
Total Expenses		205			197			164			43
Waiver and/or Reimbursement by PIMCO		(3	)		(3	)		(3	)		(1	)
Net Expenses		202			194			161			42
Net Investment Income (Loss)		1,901			1,209			1,230			315
Net Realized Gain (Loss):
Investments in securities		(2,402	)		(567	)		(2,463	)		(692	)
In-kind redemptions		457			0			0			502
Over the counter financial derivative instruments		0			4			0			0
Foreign currency		(67	)		(6	)		0			0
Net Realized Gain (Loss)		(2,012	)		(569	)		(2,463	)		(190	)
Net Change in Unrealized Appreciation (Depreciation):
Investments in securities		1,181			4,595			8,639			643
Foreign currency assets and liabilities		(44	)		10			0			0
Net Change in Unrealized Appreciation (Depreciation)		1,137			4,605			8,639			643
Net Increase (Decrease) in Net Assets Resulting from Operations	$	1,026		$	5,245		$	7,406		$	768
* Foreign tax withholdings - Dividends	$	317		$	143		$	0		$	0

^†  A zero balance may reflect actual amounts rounding to less than one thousand.

SEMIANNUAL REPORT | DECEMBER 31, 2022 21

Statements of Changes in Net Assets

	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF						PIMCO RAFI Dynamic Multi-Factor International Equity ETF						PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF						PIMCO RAFI ESG U.S. ETF
(Amounts in thousands†)	Six Months Ended December 31, 2022 (Unaudited)			Year Ended June 30, 2022			Six Months Ended December 31, 2022 (Unaudited)			Year Ended June 30, 2022			Six Months Ended December 31, 2022 (Unaudited)			Year Ended June 30, 2022			Six Months Ended December 31, 2022 (Unaudited)			Year Ended June 30, 2022
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	1,901		$	8,155		$	1,209		$	3,110		$	1,230		$	1,638		$	315		$	499
Net realized gain (loss)		(2,012	)		82,414			(569	)		1,573			(2,463	)		938			(190	)		412
Net change in unrealized appreciation (depreciation)		1,137			(124,916	)		4,605			(17,528	)		8,639			(8,348	)		643			(4,250	)
Net Increase (Decrease) in Net Assets Resulting from Operations		1,026			(34,347	)		5,245			(12,845	)		7,406			(5,772	)		768			(3,339	)
Distributions to Shareholders:
From net investment income and/or net realized capital gains		(4,723	)		(35,613	)		(2,354	)		(2,872	)		(1,730	)		(1,311	)		(486	)		(411	)
Total Distributions(a)		(4,723	)		(35,613	)		(2,354	)		(2,872	)		(1,730	)		(1,311	)		(486	)		(411	)
Fund Share Transactions:
Receipts for shares sold		18,083			19,206			19,380			36,080			14,566			31,146			4,319			17,482
Cost of shares redeemed		(17,859	)		(368,181	)		0			(23,802	)		0			(11,786	)		(5,277	)		(5,701	)
Net increase (decrease) resulting from Fund share transactions		224			(348,975	)		19,380			12,278			14,566			19,360			(958	)		11,781
Total Increase (Decrease) in Net Assets		(3,473	)		(418,935	)		22,271			(3,439	)		20,242			12,277			(676	)		8,031
Net Assets:
Beginning of period		75,517			494,452			85,539			88,978			94,954			82,677			28,615			20,584
End of period	$	72,044		$	75,517		$	107,810		$	85,539		$	115,196		$	94,954		$	27,939		$	28,615
Shares of Beneficial Interest:
Shares sold		1,000			800			800			1,200			400			800			150			550
Shares redeemed		(1,000	)		(12,600	)		0			(800	)		0			(300	)		(188	)		(182	)
Net increase (decrease) in shares outstanding		0			(11,800	)		800			400			400			500			(38	)		368

^†  A zero balance may reflect actual amounts rounding to less than one thousand.

^(a)  The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions paid is determined at the end so the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

22 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity  ETF December 31, 2022 (Unaudited)

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.6%
COMMON STOCKS 96.9%
BRAZIL 4.7%
COMMUNICATION SERVICES 0.1%
Telefonica Brasil SA		6,373	$		46
CONSUMER DISCRETIONARY 0.2%
Vibra Energia SA		54,632			160
CONSUMER STAPLES 0.6%
Ambev SA		85,279			233
BRF SA (b)		8,558			13
JBS SA		33,660			141
Raia Drogasil SA		17,623			79
					466
ENERGY 0.3%
Cosan SA		6,640			21
Ultrapar Participacoes SA		71,988			171
					192
FINANCIALS 0.9%
B3 SA - Brasil Bolsa Balcao		67,702			169
Banco BTG Pactual SA		11,038			50
Banco do Brasil SA		50,977			330
BB Seguridade Participacoes SA		10,497			67
Porto Seguro SA		2,300			10
					626
HEALTH CARE 0.1%
Hypera SA		7,080			61
INDUSTRIALS 0.2%
CCR SA		11,271			23
Rumo SA		5,100			18
WEG SA		14,681			107
					148
MATERIALS 1.9%
Cia Siderurgica Nacional SA		13,277			36
Klabin SA		21,990			83
Suzano SA		6,992			65
Vale SA		72,500			1,228
					1,412
UTILITIES 0.4%
Centrais Eletricas Brasileiras SA		8,157			65
Cia de Saneamento Basico do Estado de Sao Paulo		4,455			48
Cia Paranaense de Energia		13,189			96
Engie Brasil Energia SA		2,735			20
Equatorial Energia SA		6,640			34
					263
Total Brazil					3,374
CHILE 0.8%
CONSUMER DISCRETIONARY 0.1%
Falabella SA		30,586			60

	SHARES			MARKET VALUE (000S)
CONSUMER STAPLES 0.2%
Cencosud SA		44,749	$		73
Cia Cervecerias Unidas SA		8,490			57
					130
ENERGY 0.1%
Empresas COPEC SA		5,050			38
FINANCIALS 0.2%
Banco de Chile		1,117,437			116
Banco de Credito e Inversiones SA		998			28
Banco Santander Chile		569,195			23
					167
MATERIALS 0.0%
Empresas CMPC SA		14,616			24
UTILITIES 0.2%
Aguas Andinas SA ‘A’		151,770			35
Colbun SA		321,144			33
Enel Americas SA		630,958			85
Enel Chile SA		418,221			19
					172
Total Chile					591
CHINA 17.2%
COMMUNICATION SERVICES 0.2%
China Tower Corp. Ltd. ‘H’		392,000			42
China United Network Communications Ltd. ‘A’		51,500			33
Tencent Music Entertainment Group ADR (b)		10,784			90
					165
CONSUMER DISCRETIONARY 3.2%
ANTA Sports Products Ltd.		4,400			57
BAIC Motor Corp. Ltd. ‘H’		98,000			26
Chongqing Changan Automobile Co. Ltd. ‘A’		6,900			12
Dongfeng Motor Group Co. Ltd. ‘H’		68,000			39
Fuyao Glass Industry Group Co. Ltd.		9,600			40
Great Wall Motor Co. Ltd. ‘H’		42,000			54
Huayu Automotive Systems Co. Ltd. ‘A’		5,000			12
Meituan ‘B’ (b)		33,600			744
Pinduoduo, Inc. ADR (b)		10,480			855
SAIC Motor Corp. Ltd. ‘A’		18,100			37
Shenzhou International Group Holdings Ltd.		4,400			49
Trip.com Group Ltd. ADR (b)		4,387			151
Vipshop Holdings Ltd. ADR (b)		3,205			44
Wuchan Zhongda Group Co. Ltd. ‘A’		21,200			15
Yum China Holdings, Inc.		3,561			195
					2,330
CONSUMER STAPLES 0.9%
Dali Foods Group Co. Ltd.		49,000			22
Hengan International Group Co. Ltd.		20,500			109

	SHARES			MARKET VALUE (000S)
Inner Mongolia Yili Industrial Group Co. Ltd. ‘A’		5,900	$		26
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. ‘A’		600			14
Kweichow Moutai Co. Ltd. ‘A’		100			25
Muyuan Foods Co. Ltd. ‘A’		3,900			27
Nongfu Spring Co. Ltd.		17,600			99
Tingyi Cayman Islands Holding Corp.		72,000			127
Tsingtao Brewery Co. Ltd. ‘H’		6,000			59
Uni-President China Holdings Ltd.		35,000			35
Want Want China Holdings Ltd.		80,000			54
Wens Foodstuffs Group Co. Ltd. ‘A’		21,700			61
Wuliangye Yibin Co. Ltd. ‘A’		700			18
					676
ENERGY 2.7%
China Coal Energy Co. Ltd. ‘H’		11,000			9
China Oilfield Services Ltd. ‘H’		16,000			19
China Petroleum & Chemical Corp. ‘H’		1,528,000			736
China Shenhua Energy Co. Ltd. ‘H’		165,000			475
PetroChina Co. Ltd. ‘H’		922,000			421
Shaanxi Coal Industry Co. Ltd. ‘A’		5,100			14
Yankuang Energy Group Co. Ltd. ‘H’		86,000			262
					1,936
FINANCIALS 5.4%
Agricultural Bank of China Ltd. ‘H’		1,216,000			416
Bank of Beijing Co. Ltd. ‘A’		107,300			67
Bank of China Ltd. ‘H’		2,581,000			934
Bank of Communications Co. Ltd. ‘H’		447,000			257
Bank of Jiangsu Co. Ltd. ‘A’		78,500			82
Bank of Nanjing Co. Ltd. ‘A’		31,500			47
China Cinda Asset Management Co. Ltd. ‘H’		297,000			41
China CITIC Bank Corp. Ltd. ‘H’		392,000			173
China Construction Bank Corp. ‘H’		681,000			426
China Everbright Bank Co. Ltd. ‘H’		114,000			35
China Life Insurance Co. Ltd. ‘H’		37,000			63
China Minsheng Banking Corp. Ltd. ‘H’		102,000			35
China Zheshang Bank Co. Ltd. ‘H’		73,000			26
GF Securities Co. Ltd. ‘H’		16,034			23
Huaxia Bank Co. Ltd. ‘A’		28,800			21
Industrial & Commercial Bank of China Ltd. ‘H’		571,000			293
Industrial Bank Co. Ltd. ‘A’		69,600			176
People’s Insurance Co. Group of China Ltd. ‘H’		109,000			36
PICC Property & Casualty Co. Ltd. ‘H’		58,000			55
Ping An Insurance Group Co. of China Ltd. ‘H’		66,500			437
Postal Savings Bank of China Co. Ltd. ‘H’		341,000			211
Shanghai Pudong Development Bank Co. Ltd. ‘A’		8,700			9
					3,863
HEALTH CARE 0.5%
China Resources Pharmaceutical Group Ltd.		114,000			92

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2022 23

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
CSPC Pharmaceutical Group Ltd.		107,680	$		112
Shanghai Pharmaceuticals Holding Co. Ltd. ‘H’		25,200			42
Sinopharm Group Co. Ltd. ‘H’		48,800			123
					369
INDUSTRIALS 1.9%
Air China Ltd. ‘H’		46,000			41
China Communications Services Corp. Ltd. ‘H’		56,000			20
China Energy Engineering Corp. Ltd. ‘H’		282,000			33
China National Chemical Engineering Co. Ltd. ‘A’		11,000			13
China Railway Group Ltd. ‘H’		484,000			254
China State Construction Engineering Corp. Ltd. ‘A’		231,300			180
CITIC Ltd.		142,000			149
Daqin Railway Co. Ltd. ‘A’		24,000			23
Guangshen Railway Co. Ltd. ‘H’		108,000			20
Jiangsu Expressway Co. Ltd. ‘H’		50,000			45
Jiangsu Zhongtian Technology Co. Ltd. ‘A’		9,100			21
Metallurgical Corp. of China Ltd.		159,000			35
Power Construction Corp. of China Ltd. ‘A’		49,100			50
Shanghai Construction Group Co. Ltd. ‘A’		36,300			14
Shanghai International Airport Co. Ltd. ‘A’		2,200			18
Sinopec Engineering Group Co. Ltd. ‘H’		56,500			25
Sinotrans Ltd. ‘H’		34,000			11
TBEA Co. Ltd. ‘A’		13,400			39
Weichai Power Co. Ltd. ‘H’		40,000			53
Xiamen C & D, Inc. ‘A’		12,800			25
Xiamen ITG Group Corp. Ltd. ‘A’		21,600			22
Yangzijiang Shipbuilding Holdings Ltd.		236,100			240
Zhejiang Expressway Co. Ltd. ‘H’		36,000			28
Zhuzhou CRRC Times Electric Co. Ltd.		6,900			34
					1,393
INFORMATION TECHNOLOGY 0.3%
AAC Technologies Holdings, Inc.		5,000			11
BYD Electronic International Co. Ltd.		2,000			7
Lenovo Group Ltd.		212,000			173
					191
MATERIALS 0.9%
Angang Steel Co. Ltd. ‘H’		84,000			23
Anhui Conch Cement Co. Ltd. ‘H’		26,000			91
Baoshan Iron & Steel Co. Ltd. ‘A’		18,400			15
China Hongqiao Group Ltd.		12,000			11
China National Building Material Co. Ltd. ‘H’		228,000			186
China Zhongwang Holdings Ltd. «(b)		338,800			0
Hesteel Co. Ltd. ‘A’		75,900			25
Jiangxi Copper Co. Ltd. ‘H’		61,000			89
Shandong Gold Mining Co. Ltd.		22,250			41
Sinopec Shanghai Petrochemical Co. Ltd. ‘H’		148,000			25
Tongling Nonferrous Metals Group Co. Ltd. ‘A’		48,400			22

	SHARES			MARKET VALUE (000S)
Wanhua Chemical Group Co. Ltd. ‘A’		1,000	$		13
Zijin Mining Group Co. Ltd. ‘H’		50,000			67
					608
REAL ESTATE 0.3%
China Evergrande Group «(b)		116,000			12
China Vanke Co. Ltd. ‘H’		18,400			37
Greentown China Holdings Ltd.		18,500			27
KE Holdings, Inc. ADR (b)		9,707			135
Poly Developments & Holdings Group Co. Ltd. ‘A’		14,700			32
					243
UTILITIES 0.9%
CGN Power Co. Ltd. ‘H’		157,000			37
China Yangtze Power Co. Ltd. ‘A’		26,300			79
Datang International Power Generation Co. Ltd. ‘H’		320,000			52
ENN Energy Holdings Ltd.		12,600			176
GD Power Development Co. Ltd. ‘A’		38,900			24
Huadian Power International Corp. Ltd. ‘H’		286,000			118
Huaneng Power International, Inc. ‘H’		330,000			156
					642
Total China					12,416
GREECE 0.6%
COMMUNICATION SERVICES 0.1%
Hellenic Telecommunications Organization SA		4,185			65
CONSUMER DISCRETIONARY 0.1%
OPAP SA		3,797			54
ENERGY 0.0%
Motor Oil Hellas Corinth Refineries SA		1,423			33
FINANCIALS 0.4%
Alpha Services & Holdings SA (b)		97,053			104
Eurobank Ergasias Services & Holdings SA (b)		77,762			87
National Bank of Greece SA (b)		21,171			85
					276
INDUSTRIALS 0.0%
Mytilineos SA		344			8
UTILITIES 0.0%
Public Power Corp. SA (b)		3,059			22
Total Greece					458
HONG KONG 2.8%
CONSUMER STAPLES 0.1%
China Resources Beer Holdings Co. Ltd.		8,000			56

	SHARES			MARKET VALUE (000S)
FINANCIALS 0.5%
BOC Hong Kong Holdings Ltd.		99,000	$		336
Far East Horizon Ltd.		31,000			24
					360
INDUSTRIALS 0.1%
Orient Overseas International Ltd.		4,500			81
Shanghai Industrial Holdings Ltd.		18,000			22
					103
REAL ESTATE 0.9%
China Overseas Land & Investment Ltd.		188,000			492
China Resources Land Ltd.		22,000			100
Yuexiu Property Co. Ltd.		31,400			38
					630
UTILITIES 1.2%
Beijing Enterprises Holdings Ltd.		10,000			32
China Power International Development Ltd.		440,000			185
China Resources Gas Group Ltd.		24,000			90
China Resources Power Holdings Co. Ltd.		188,000			383
Guangdong Investment Ltd.		58,000			59
Kunlun Energy Co. Ltd.		130,000			93
					842
Total Hong Kong					1,991
INDIA 16.5%
COMMUNICATION SERVICES 0.6%
Bharti Airtel Ltd.		45,021			438
Indus Towers Ltd.		12,391			28
					466
CONSUMER DISCRETIONARY 1.3%
Bajaj Auto Ltd.		2,283			100
Bharat Forge Ltd.		1,406			15
Eicher Motors Ltd.		1,309			51
Hero MotoCorp Ltd.		3,776			125
Mahindra & Mahindra Ltd.		8,810			133
Maruti Suzuki India Ltd.		978			99
MRF Ltd.		27			29
Rajesh Exports Ltd.		4,336			38
Tata Motors Ltd. (b)		45,902			215
Titan Co. Ltd.		3,898			122
TVS Motor Co. Ltd.		1,339			17
					944
CONSUMER STAPLES 1.4%
Dabur India Ltd.		2,263			15
Godrej Consumer Products Ltd.		2,022			21
Hindustan Unilever Ltd.		8,795			272
ITC Ltd.		153,489			614
Marico Ltd.		5,426			34
Nestle India Ltd.		340			81
					1,037
ENERGY 2.5%
Bharat Petroleum Corp. Ltd.		29,034			116
Coal India Ltd.		110,457			301
Hindustan Petroleum Corp. Ltd.		41,948			119

24 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2022 (Unaudited)

	SHARES			MARKET VALUE (000S)
Indian Oil Corp. Ltd.		174,666	$		161
Mangalore Refinery & Petrochemicals Ltd. (b)		26,595			18
Oil & Natural Gas Corp. Ltd.		124,249			221
Oil India Ltd.		11,919			30
Petronet LNG Ltd.		16,256			42
Reliance Industries Ltd.		24,634			756
					1,764
FINANCIALS 3.3%
Axis Bank Ltd.		20,502			231
Bajaj Holdings & Investment Ltd.		462			32
Bandhan Bank Ltd. (b)		5,901			17
Bank of Baroda		18,798			42
Canara Bank		7,589			31
Cholamandalam Investment and Finance Co. Ltd.		3,876			34
Federal Bank Ltd.		30,678			51
HDFC Bank Ltd.		35,816			702
ICICI Bank Ltd.		54,079			582
IDFC First Bank Ltd. (b)		14,726			10
IDFC Ltd.		48,005			47
Indiabulls Housing Finance Ltd. ‘L’ (b)		24,075			45
IndusInd Bank Ltd.		4,951			73
Kotak Mahindra Bank Ltd.		9,763			215
Power Finance Corp. Ltd.		37,256			63
SBI Life Insurance Co. Ltd.		3,640			54
State Bank of India		24,023			178
					2,407
HEALTH CARE 0.8%
Aurobindo Pharma Ltd.		3,086			16
Cipla Ltd.		8,005			104
Divi’s Laboratories Ltd.		260			11
Dr Reddy’s Laboratories Ltd.		2,885			147
Lupin Ltd.		3,252			29
Sun Pharmaceutical Industries Ltd.		22,630			274
					581
INDUSTRIALS 1.1%
Adani Enterprises Ltd.		8,757			408
Adani Ports & Special Economic Zone Ltd.		6,322			62
Ashok Leyland Ltd.		10,038			17
Bharat Electronics Ltd.		34,785			42
Container Corp. Of India Ltd.		1,482			13
Cummins India Ltd.		1,724			29
Larsen & Toubro Ltd.		6,650			167
Siemens Ltd. (b)		609			21
					759
INFORMATION TECHNOLOGY 3.5%
HCL Technologies Ltd.		21,807			273
Infosys Ltd.		64,761			1,181
LTIMindtree Ltd.		638			34
Mphasis Ltd.		1,069			25
Redington Ltd.		26,666			58
Tata Consultancy Services Ltd.		14,230			560
Tech Mahindra Ltd.		15,428			189
Wipro Ltd.		37,734			179
					2,499

	SHARES			MARKET VALUE (000S)
MATERIALS 1.0%
Ambuja Cements Ltd.		10,109	$		64
Asian Paints Ltd.		1,885			70
Jindal Steel & Power Ltd.		25,211			177
National Aluminium Co. Ltd.		72,208			70
NMDC Ltd.		1,640			2
NMDC Ltd. (b)		1,800			1
Pidilite Industries Ltd.		1,177			36
SRF Ltd.		1,073			30
Steel Authority of India Ltd.		10,916			11
Tata Chemicals Ltd.		1,513			17
Tata Steel Ltd.		24,346			33
UPL Ltd.		5,265			46
Vedanta Ltd.		41,124			153
					710
UTILITIES 1.0%
Adani Power Ltd. (b)		14,765			53
GAIL India Ltd.		28,094			33
Jaiprakash Power Ventures Ltd. (b)		365,926			33
NTPC Ltd.		176,562			355
Power Grid Corp. of India Ltd.		76,240			197
Reliance Infrastructure Ltd. (b)		7,340			12
Reliance Power Ltd. (b)		32,716			6
					689
Total India					11,856
INDONESIA 2.5%
COMMUNICATION SERVICES 0.4%
Telkom Indonesia Persero Tbk PT		1,263,600			304
CONSUMER DISCRETIONARY 0.2%
Astra International Tbk PT		436,600			160
CONSUMER STAPLES 0.2%
Charoen Pokphand Indonesia Tbk PT		39,600			14
Gudang Garam Tbk PT		6,100			7
Indofood CBP Sukses Makmur Tbk PT		47,600			31
Indofood Sukses Makmur Tbk PT		22,700			10
Sumber Alfaria Trijaya Tbk PT		291,700			50
Unilever Indonesia Tbk PT		108,700			33
					145
ENERGY 0.5%
Adaro Energy Indonesia Tbk PT		733,300			182
Bukit Asam Tbk PT		144,700			34
Indo Tambangraya Megah Tbk PT		41,600			104
United Tractors Tbk PT		42,300			71
					391
FINANCIALS 0.9%
Bank Central Asia Tbk PT		767,600			421
Bank Mandiri Persero Tbk PT		115,500			73
Bank Negara Indonesia Persero Tbk PT		63,800			38
Bank Rakyat Indonesia Persero Tbk PT (b)		513,800			163
					695

	SHARES			MARKET VALUE (000S)
HEALTH CARE 0.1%
Kalbe Farma Tbk PT		326,700	$		44
MATERIALS 0.1%
Indah Kiat Pulp & Paper Tbk PT		49,400			28
Indocement Tunggal Prakarsa Tbk PT		37,100			23
					51
UTILITIES 0.1%
Perusahaan Gas Negara Tbk PT		415,700			47
Total Indonesia					1,837
MALAYSIA 1.8%
COMMUNICATION SERVICES 0.2%
Axiata Group Bhd		36,900			26
DiGi.Com Bhd		21,800			20
Maxis Bhd		40,400			35
Telekom Malaysia Bhd		36,900			45
					126
CONSUMER DISCRETIONARY 0.1%
Genting Bhd		38,500			39
Genting Malaysia Bhd		81,000			50
					89
CONSUMER STAPLES 0.2%
IOI Corp. Bhd.		23,300			21
Kuala Lumpur Kepong Bhd		4,300			22
PPB Group Bhd		7,800			31
Sime Darby Plantation Bhd		60,800			64
					138
ENERGY 0.1%
Petronas Dagangan Bhd.		7,200			37
FINANCIALS 0.8%
Alliance Bank Malaysia Bhd.		45,200			38
AMMB Holdings Bhd		28,700			27
CIMB Group Holdings Bhd		103,100			136
Hong Leong Bank Bhd		14,400			67
Malayan Banking Bhd		55,300			109
Public Bank Bhd		150,900			148
RHB Bank Bhd		42,000			55
					580
INDUSTRIALS 0.2%
CAPITAL A BHD (b)		193,400			28
Malaysia Airports Holdings Bhd (b)		21,600			32
MISC Bhd		16,400			28
Sime Darby Bhd		50,600			26
					114
MATERIALS 0.1%
Petronas Chemicals Group Bhd		54,600			107
UTILITIES 0.1%
Petronas Gas Bhd		6,300			25

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2022 25

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
Tenaga Nasional Bhd		29,900	$		65
					90
Total Malaysia					1,281
MEXICO 3.2%
COMMUNICATION SERVICES 1.2%
America Movil SAB de CV		869,964			789
Grupo Televisa SAB		9,063			8
Megacable Holdings SAB de CV		12,334			33
					830
CONSUMER STAPLES 1.3%
Arca Continental SAB de CV		12,394			100
Coca-Cola Femsa SAB de CV		21,387			145
Gruma SAB de CV		7,809			104
Grupo Bimbo SAB de CV		10,564			45
Kimberly-Clark de Mexico SAB de CV		59,918			102
Wal-Mart de Mexico SAB de CV		132,160			465
					961
FINANCIALS 0.2%
Grupo Elektra SAB de CV		531			30
Grupo Financiero Banorte SAB de CV		14,700			106
Grupo Financiero Inbursa SAB de CV (b)		22,688			38
					174
INDUSTRIALS 0.2%
Alfa SAB de CV		80,325			51
Grupo Aeroportuario del Pacifico SAB de CV		4,915			71
					122
MATERIALS 0.3%
Alpek SAB de CV		14,165			20
Grupo Mexico SAB de CV		48,990			172
Industrias Penoles SAB de CV (b)		500			6
Orbia Advance Corp. SAB de CV		23,756			42
					240
Total Mexico					2,327
PHILIPPINES 0.5%
COMMUNICATION SERVICES 0.1%
Globe Telecom, Inc.		493			19
PLDT, Inc.		1,600			38
					57
CONSUMER STAPLES 0.1%
Universal Robina Corp.		15,030			37
FINANCIALS 0.1%
Bank of the Philippine Islands		14,331			26
BDO Unibank, Inc.		14,040			27
Metropolitan Bank & Trust Co.		33,392			33
					86

	SHARES			MARKET VALUE (000S)
INDUSTRIALS 0.1%
Ayala Corp.		1,610	$		20
International Container Terminal Services, Inc.		17,500			63
					83
REAL ESTATE 0.1%
SM Prime Holdings, Inc.		51,800			33
UTILITIES 0.0%
ACEN Corp.		3,420			0
Manila Electric Co.		5,720			31
					31
Total Philippines					327
POLAND 0.9%
COMMUNICATION SERVICES 0.1%
Cyfrowy Polsat SA		4,343			18
Orange Polska SA		26,986			41
					59
ENERGY 0.4%
Polski Koncern Naftowy ORLEN SA		20,302			298
FINANCIALS 0.2%
Powszechny Zaklad Ubezpieczen SA		16,691			135
MATERIALS 0.1%
Jastrzebska Spolka Weglowa SA (b)		2,316			31
KGHM Polska Miedz SA		1,834			53
					84
UTILITIES 0.1%
PGE Polska Grupa Energetyczna SA (b)		20,547			33
Tauron Polska Energia SA (b)		56,150			27
					60
Total Poland					636
RUSSIA 0.0%
CONSUMER STAPLES 0.0%
Magnit PJSC «		2,673			0
ENERGY 0.0%
Gazprom Neft PJSC «		13,620			0
Gazprom PJSC «		635,130			0
LUKOIL PJSC «		15,703			0
Novatek PJSC «		21,924			0
Rosneft Oil Co. PJSC «		66,050			0
Surgutneftegas PJSC «		701,700			0
Tatneft PJSC «		19,086			0
					0
FINANCIALS 0.0%
Sberbank of Russia PJSC «		117,340			0
VTB Bank PJSC «(b)		598,992,500			1
					1

	SHARES			MARKET VALUE (000S)
MATERIALS 0.0%
Magnitogorsk Iron & Steel Works PJSC «		160,600	$		0
MMC Norilsk Nickel PJSC «		1,269			0
Novolipetsk Steel PJSC «		88,470			0
Severstal PAO ^«(a)		17,344			0
					0
UTILITIES 0.0%
Inter RAO UES PJSC «		1,587,500			0
Rosseti PJSC «		3,309,000			0
					0
Total Russia					1
SAUDI ARABIA 2.8%
COMMUNICATION SERVICES 0.4%
Etihad Etisalat Co.		3,311			31
Saudi Telecom Co.		26,510			258
					289
CONSUMER DISCRETIONARY 0.1%
Jarir Marketing Co.		906			36
CONSUMER STAPLES 0.1%
Almarai Co. JSC		3,512			50
ENERGY 0.6%
Saudi Arabian Oil Co.		49,996			429
FINANCIALS 0.8%
Al Rajhi Bank (b)		12,691			254
Alinma Bank		4,730			41
Arab National Bank		2,006			17
Bank Al-Jazira		5,253			26
Bank AlBilad (b)		2,392			28
Banque Saudi Fransi		2,659			29
Bupa Arabia for Cooperative Insurance Co.		1,088			41
Riyad Bank		3,372			29
Saudi British Bank		5,644			58
Saudi Investment Bank		5,016			23
					546
HEALTH CARE 0.0%
Dr Sulaiman Al Habib Medical Services Group Co.		289			17
MATERIALS 0.8%
Advanced Petrochemical Co.		1,399			16
SABIC Agri-Nutrients Co.		3,056			119
Saudi Arabian Mining Co. (b)		6,065			104
Saudi Basic Industries Corp.		11,694			280
Saudi Industrial Investment Group		6,355			38
Yanbu National Petrochemical Co.		2,880			32
					589
REAL ESTATE 0.0%
Dar Al Arkan Real Estate Development Co. (b)		3,690			11

26 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2022 (Unaudited)

	SHARES			MARKET VALUE (000S)
UTILITIES 0.0%
ACWA Power Co.		566	$		23
Total Saudi Arabia					1,990
SINGAPORE 0.1%
INDUSTRIALS 0.1%
BOC Aviation Ltd.		5,300			44
Total Singapore					44
SOUTH AFRICA 4.7%
COMMUNICATION SERVICES 0.7%
MTN Group Ltd.		55,301			413
MultiChoice Group		9,205			64
Telkom SA SOC Ltd. (b)		19,953			35
Vodacom Group Ltd.		4,808			35
					547
CONSUMER DISCRETIONARY 0.7%
Foschini Group Ltd.		3,003			18
Motus Holdings Ltd.		6,201			40
Mr Price Group Ltd.		3,963			37
Naspers Ltd. ‘N’		1,813			303
Truworths International Ltd.		13,204			42
Woolworths Holdings Ltd.		23,834			93
					533
CONSUMER STAPLES 0.6%
AVI Ltd.		6,327			28
Bid Corp. Ltd.		5,611			109
Pick n Pay Stores Ltd.		9,002			30
Shoprite Holdings Ltd.		15,322			203
SPAR Group Ltd.		4,284			29
Tiger Brands Ltd.		611			7
					406
ENERGY 0.2%
Exxaro Resources Ltd.		9,671			124
FINANCIALS 0.8%
Absa Group Ltd.		9,109			103
Capitec Bank Holdings Ltd.		577			63
FirstRand Ltd.		45,339			165
Nedbank Group Ltd.		3,114			39
Sanlam Ltd.		8,569			25
Standard Bank Group Ltd.		19,102			188
					583
HEALTH CARE 0.1%
Life Healthcare Group Holdings Ltd.		20,279			20
Netcare Ltd.		24,639			21
					41
INDUSTRIALS 0.1%
Barloworld Ltd.		3,974			20
Bidvest Group Ltd.		1,785			23
Zeda Ltd. (b)		3,974			3
					46
MATERIALS 1.5%
Anglo American Platinum Ltd.		501			42

	SHARES			MARKET VALUE (000S)
AngloGold Ashanti Ltd.		13,920	$		271
Gold Fields Ltd.		21,050			219
Impala Platinum Holdings Ltd.		7,332			92
Kumba Iron Ore Ltd.		1,795			52
Sappi Ltd. (b)		18,358			53
Sasol Ltd.		22,591			360
					1,089
Total South Africa					3,369
SOUTH KOREA 13.7%
COMMUNICATION SERVICES 1.2%
KT Corp.		14,720			394
LG Uplus Corp.		9,506			83
NAVER Corp.		1,069			152
NCSoft Corp.		167			60
SK Telecom Co. Ltd.		5,820			218
					907
CONSUMER DISCRETIONARY 3.4%
Coway Co. Ltd.		1,575			70
Hankook Tire & Technology Co. Ltd.		3,477			86
Hanon Systems		3,965			25
Hyundai Department Store Co. Ltd.		647			30
Hyundai Mobis Co. Ltd.		2,235			355
Hyundai Motor Co.		6,479			775
Hyundai Wia Corp.		340			13
Kangwon Land, Inc. (b)		5,361			99
Kia Corp.		14,286			672
LG Electronics, Inc.		3,550			244
Lotte Shopping Co. Ltd.		757			55
					2,424
CONSUMER STAPLES 0.8%
Amorepacific Corp.		295			32
Amorepacific Group		811			22
CJ CheilJedang Corp.		252			76
E-MART, Inc.		1,143			89
GS Retail Co. Ltd.		711			16
KT&G Corp.		3,359			243
LG H&H Co. Ltd.		136			78
					556
ENERGY 0.5%
HD Hyundai Co. Ltd.		2,119			96
SK Innovation Co. Ltd. (b)		2,045			250
					346
FINANCIALS 2.2%
BNK Financial Group, Inc.		12,356			64
DB Insurance Co. Ltd.		1,773			92
DGB Financial Group, Inc.		7,984			44
Hana Financial Group, Inc.		2,849			95
Hanwha Life Insurance Co. Ltd. (b)		11,229			25
Hyundai Marine & Fire Insurance Co. Ltd.		3,604			84
Industrial Bank of Korea		14,827			115
KB Financial Group, Inc.		1,732			66
Meritz Financial Group, Inc.		2,335			80
Meritz Fire & Marine Insurance Co. Ltd.		2,996			118
Samsung Card Co. Ltd.		558			13
Samsung Fire & Marine Insurance Co. Ltd.		1,046			165

	SHARES			MARKET VALUE (000S)
Samsung Life Insurance Co. Ltd.		2,470	$		139
Shinhan Financial Group Co. Ltd.		15,348			427
Woori Financial Group, Inc.		7,406			68
					1,595
HEALTH CARE 0.1%
Celltrion, Inc.		474			61
INDUSTRIALS 1.5%
CJ Corp.		391			26
Doosan Co. Ltd.		526			35
Doosan Enerbility Co. Ltd. (b)		9,137			111
GS Engineering & Construction Corp.		490			8
GS Holdings Corp.		2,287			79
Hanwha Aerospace Co. Ltd.		187			11
Hanwha Corp.		2,338			48
Hyundai Engineering & Construction Co. Ltd.		2,474			68
Hyundai Glovis Co. Ltd.		1,226			159
Korea Shipbuilding & Offshore Engineering Co. Ltd.		216			12
Korean Air Lines Co. Ltd. (b)		2,519			46
LG Corp.		1,722			107
LG International Corp.		2,391			65
LS Corp.		927			51
Posco International Corp.		4,074			73
SK Networks Co. Ltd.		4,965			15
SK, Inc.		1,308			196
					1,110
INFORMATION TECHNOLOGY 1.3%
LG Display Co. Ltd.		18,519			183
LG Innotek Co. Ltd.		78			16
Samsung Electro-Mechanics Co. Ltd.		725			75
Samsung SDI Co. Ltd.		375			176
SK Hynix, Inc.		8,355			499
					949
MATERIALS 2.2%
Dongkuk Steel Mill Co. Ltd.		6,775			60
Hanwha Solutions Corp. (b)		377			13
Hyundai Steel Co.		4,583			112
KCC Corp.		47			8
Kolon Industries, Inc.		469			15
Korea Zinc Co. Ltd.		423			189
LG Chem Ltd.		366			175
POSCO Holdings, Inc.		4,591			1,005
					1,577
UTILITIES 0.5%
Korea Electric Power Corp.		15,079			260
Korea Gas Corp.		3,389			98
					358
Total South Korea					9,883
TAIWAN 13.4%
COMMUNICATION SERVICES 0.8%
Chunghwa Telecom Co. Ltd.		99,000			364
Far EasTone Telecommunications Co. Ltd.		56,000			120
Taiwan Mobile Co. Ltd.		29,000			90
					574

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2022 27

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
CONSUMER DISCRETIONARY 0.6%
Cheng Shin Rubber Industry Co. Ltd.		30,000	$		33
China Motor Corp.		10,000			17
Eclat Textile Co. Ltd.		3,000			48
Feng TAY Enterprise Co. Ltd.		5,000			34
Giant Manufacturing Co. Ltd.		2,000			13
Hotai Motor Co. Ltd.		3,000			57
Kinpo Electronics		51,000			22
Pou Chen Corp.		57,000			63
Ruentex Industries Ltd.		13,800			29
Yulon Motor Co. Ltd.		40,509			82
					398
CONSUMER STAPLES 0.3%
Great Wall Enterprise Co. Ltd.		11,008			17
President Chain Store Corp.		12,000			106
Uni-President Enterprises Corp.		55,000			119
					242
ENERGY 0.1%
Formosa Petrochemical Corp.		17,000			44
FINANCIALS 3.3%
Cathay Financial Holding Co. Ltd.		241,200			313
Chang Hwa Commercial Bank Ltd.		133,600			74
China Development Financial Holding Corp.		450,096			184
CTBC Financial Holding Co. Ltd.		425,000			305
E.Sun Financial Holding Co. Ltd.		264,348			206
First Financial Holding Co. Ltd.		182,699			157
Fubon Financial Holding Co. Ltd.		182,437			334
Hua Nan Financial Holdings Co. Ltd. ‘C’		124,503			91
Mega Financial Holding Co. Ltd.		202,500			199
Shanghai Commercial & Savings Bank Ltd.		39,712			57
Shin Kong Financial Holding Co. Ltd.		97,307			28
SinoPac Financial Holdings Co. Ltd.		213,843			116
Taichung Commercial Bank Co. Ltd.		76,703			32
Taishin Financial Holding Co. Ltd.		211,656			104
Taiwan Business Bank		132,143			56
Taiwan Cooperative Financial Holding Co. Ltd.		157,996			134
					2,390
INDUSTRIALS 0.9%
China Airlines Ltd.		128,000			79
CTCI Corp.		20,000			27
Eva Airways Corp.		85,400			78
Far Eastern New Century Corp.		77,000			80
Taiwan High Speed Rail Corp.		25,000			23
Teco Electric & Machinery Co. Ltd.		38,000			34
Walsin Lihwa Corp.		186,000			285
Wan Hai Lines Ltd.		4,950			13
					619
INFORMATION TECHNOLOGY 5.8%
Accton Technology Corp.		6,000			46
Acer, Inc.		127,000			97
Advantech Co. Ltd.		7,291			78
Asustek Computer, Inc.		29,000			253
AUO Corp.		224,600			109
Catcher Technology Co. Ltd.		17,000			93

	SHARES			MARKET VALUE (000S)
Chicony Electronics Co. Ltd.		15,000	$		42
Compal Electronics, Inc.		169,000			127
Delta Electronics, Inc.		25,000			232
Foxconn Technology Co. Ltd.		17,000			29
Hon Hai Precision Industry Co. Ltd.		98,600			320
HTC Corp. (b)		10,000			18
Innolux Corp.		487,455			175
Inventec Corp.		97,000			83
Largan Precision Co. Ltd.		1,290			85
Lite-On Technology Corp.		58,000			120
MediaTek, Inc.		14,000			283
Micro-Star International Co. Ltd.		25,000			97
Mitac Holdings Corp.		37,000			35
Nanya Technology Corp.		10,000			17
Novatek Microelectronics Corp.		9,000			92
Pegatron Corp.		63,000			130
Powertech Technology, Inc.		22,000			56
Quanta Computer, Inc.		80,000			188
Radiant Opto-Electronics Corp.		6,000			20
Realtek Semiconductor Corp.		3,000			27
Silicon Motion Technology Corp. ADR		180			12
Supreme Electronics Co. Ltd.		22,593			26
Synnex Technology International Corp.		42,000			81
Taiwan Semiconductor Manufacturing Co. Ltd.		56,000			813
TPK Holding Co. Ltd.		11,000			11
Tripod Technology Corp.		8,000			24
United Microelectronics Corp.		78,000			102
Wistron Corp.		109,347			104
Wiwynn Corp.		1,000			26
WPG Holdings Ltd.		51,560			80
WT Microelectronics Co. Ltd.		19,000			38
Zhen Ding Technology Holding Ltd.		9,000			31
					4,200
MATERIALS 1.5%
Asia Cement Corp.		71,000			95
China Steel Corp.		270,000			262
Eternal Materials Co. Ltd.		30,300			31
Formosa Chemicals & Fibre Corp.		39,000			89
Formosa Plastics Corp.		84,000			237
Nan Ya Plastics Corp.		75,000			173
Taiwan Cement Corp.		134,553			147
Taiwan Fertilizer Co. Ltd.		10,000			17
Tung Ho Steel Enterprise Corp.		16,020			27
YFY, Inc.		32,000			25
					1,103
REAL ESTATE 0.1%
Farglory Land Development Co. Ltd.		10,000			19
Highwealth Construction Corp.		26,906			35
Ruentex Development Co. Ltd.		39,200			55
					109
Total Taiwan					9,679
THAILAND 6.2%
COMMUNICATION SERVICES 0.5%
Advanced Info Service PCL		41,500			234
Digital Telecommunications Infrastructure Fund		159,200			61
Jasmine International PCL (b)		319,200			20

	SHARES			MARKET VALUE (000S)
Total Access Communication PCL		38,000	$		51
					366
CONSUMER DISCRETIONARY 0.1%
Central Retail Corp. PCL		31,300			42
Home Product Center PCL		67,600			30
					72
CONSUMER STAPLES 0.9%
Berli Jucker PCL		19,100			19
Charoen Pokphand Foods PCL		168,000			120
CP ALL PCL		155,000			305
Thai Beverage PCL		196,500			101
Thai Union Group PCL ‘F’		222,900			109
					654
ENERGY 1.2%
Bangchak Corp. PCL		88,500			80
Esso Thailand PCL		102,100			37
IRPC PCL		838,900			73
PTT Exploration & Production PCL		19,700			100
PTT PCL		488,200			469
Star Petroleum Refining PCL		206,100			64
Thai Oil PCL		34,200			55
					878
FINANCIALS 1.2%
Bangkok Bank PCL		74,700			319
Kasikornbank PCL		33,100			141
Krung Thai Bank PCL		401,600			205
Thanachart Capital PCL		79,500			98
Tisco Financial Group PCL		20,800			59
TMBThanachart Bank PCL		1,037,200			42
					864
HEALTH CARE 0.4%
Bangkok Dusit Medical Services PCL ‘F’		250,800			210
Bumrungrad Hospital PCL		15,200			93
					303
INDUSTRIALS 0.5%
Airports of Thailand PCL		66,700			144
Delta Electronics Thailand PCL		7,400			177
Jasmine Broadband Internet Infrastructure Fund		230,200			54
					375
MATERIALS 0.8%
PTT Global Chemical PCL		85,200			116
Siam Cement PCL		47,400			468
					584
REAL ESTATE 0.4%
Central Pattana PCL		27,700			57
Land & Houses PCL		525,000			150
Sansiri PCL		483,300			24
Supalai PCL		54,500			38
					269

28 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2022 (Unaudited)

	SHARES			MARKET VALUE (000S)
UTILITIES 0.2%
Electricity Generating PCL		7,300	$		36
Gulf Energy Development PCL		25,700			41
Ratch Group PCL		20,550			26
					103
Total Thailand					4,468
TURKEY 4.5%
COMMUNICATION SERVICES 0.5%
Turk Telekomunikasyon AS		14,474			19
Turkcell Iletisim Hizmetleri AS		164,408			331
					350
CONSUMER DISCRETIONARY 0.5%
Arcelik AS		21,607			130
Dogan Sirketler Grubu Holding AS		15,244			8
Ford Otomotiv Sanayi AS		4,061			114
Tofas Turk Otomobil Fabrikasi AS		9,528			84
					336
CONSUMER STAPLES 0.3%
Anadolu Efes Biracilik Ve Malt Sanayii AS		11,121			40
BIM Birlesik Magazalar AS		22,845			167
Coca-Cola Icecek AS		3,061			34
					241
ENERGY 0.6%
Turkiye Petrol Rafinerileri AS (b)		14,885			422
FINANCIALS 1.2%
Akbank TAS		167,671			175
Haci Omer Sabanci Holding AS		89,249			216
Is Yatirim Menkul Degerler AS		24,325			85
Turkiye Halk Bankasi AS (b)		45,786			33
Turkiye Is Bankasi AS ‘C’		280,823			192
Turkiye Vakiflar Bankasi TAO ‘D’ (b)		85,427			54
Yapi ve Kredi Bankasi AS		127,722			81
					836
INDUSTRIALS 1.2%
AG Anadolu Grubu Holding AS		3,315			20
Enka Insaat ve Sanayi AS		61,056			109
KOC Holding AS		52,657			236
Turk Hava Yollari AO (b)		57,069			430
Turkiye Sise ve Cam Fabrikalari AS		41,659			95
					890
MATERIALS 0.1%
Eregli Demir ve Celik Fabrikalari TAS		29,062			64
Petkim Petrokimya Holding AS (b)		41,560			44
					108

	SHARES			MARKET VALUE (000S)
UTILITIES 0.1%
Aygaz AS		9,215	$		47
Enerjisa Enerji AS		13,775			27
					74
Total Turkey					3,257
UNITED STATES 0.0%
CONSUMER DISCRETIONARY 0.0%
Nexteer Automotive Group Ltd.		45,000			29
Total United States					29
Total Common Stocks (Cost $72,270)					69,814
PREFERRED STOCKS 2.2%
BRAZIL 1.9%
BANKING & FINANCE 0.4%
Banco do Estado do Rio Grande do Sul SA		22,248			41
Itau Unibanco Holding SA		48,016			227
					268
INDUSTRIALS 0.5%
Braskem SA		5,490			25
Gerdau SA		34,661			190
Metalurgica Gerdau SA		68,792			168
					383
UTILITIES 1.0%
Cia de Transmissao de Energia Eletrica Paulista		14,821			65
Cia Energetica de Minas Gerais		135,690			281
Petroleo Brasileiro SA		73,998			343
					689
Total Brazil					1,340
CHILE 0.3%
INDUSTRIALS 0.3%
Embotelladora Andina SA		6,709			17
Sociedad Quimica y Minera de Chile SA		2,430			196
					213
Total Chile					213
RUSSIA 0.0%
UTILITIES 0.0%
Bashneft PJSC «		2,929			0
Transneft PJSC «(d)		22			0
					0
Total Russia					0
Total Preferred Stocks (Cost $1,212)					1,553

	SHARES			MARKET VALUE (000S)
REAL ESTATE INVESTMENT TRUSTS 0.1%
INDIA 0.0%
REAL ESTATE 0.0%
Embassy Office Parks REIT		7,314	$		29
Total India					29
SOUTH AFRICA 0.0%
REAL ESTATE 0.0%
Growthpoint Properties Ltd.		20,902			18
Total South Africa					18
TURKEY 0.1%
REAL ESTATE 0.1%
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		113,556			53
Total Turkey					53
Total Real Estate Investment Trusts (Cost $91)					100
SHORT-TERM INSTRUMENTS 0.4%
REPURCHASE AGREEMENTS (f) 0.4%
					257
Total Short-Term Instruments (Cost $257)					257
Total Investments in Securities (Cost $73,830)					71,724
INVESTMENTS IN AFFILIATES 0.0%
SHORT-TERM INSTRUMENTS 0.0%
MUTUAL FUNDS 0.0%
PIMCO Government Money Market Fund 4.310% (c)(d)(e)		6,387			6
Total Short-Term Instruments (Cost $6)					6
Total Investments in Affiliates (Cost $6)					6
Total Investments 99.6% (Cost $73,836)			$		71,730
Other Assets and Liabilities, net 0.4%					314
Net Assets 100.0%			$		72,044

NOTES TO SCHEDULE OF INVESTMENTS:

* A zero balance may reflect actual amounts rounding to less than one thousand.

^ Security is in default.

« Security valued using significant unobservable inputs (Level 3).

(a) Security is not accruing income as of the date of this report.

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2022 29

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (Cont.)

(b) Security did not produce income within the last twelve months.

(c) Institutional Class Shares of each Fund.

(d) Securities with an aggregate market value of $5 were out on loan in exchange for $6 of cash collateral as of December 31, 2022. The collateral was invested in a cash collateral reinvestment vehicle as described in Note 5 in the Notes to Financial Statements.

(e) Coupon represents a 7-Day Yield.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(f)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to  be Received(1)
FICC		1.900	%		12/30/2022		01/03/2023	$	257	U.S. Treasury Bills 0.000% due 12/28/2023	$	(262	)	$	257	$	257
Total Repurchase Agreements											$	(262	)	$	257	$	257

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:

Counterparty	Repurchase Agreement Proceeds to  be Received(1)		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Securities Out on loan		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure(2)
Global/Master Repurchase Agreement
FICC	$	257	$	0	$	0	$	0	$	257	$	(262	)	$	(5	)
Master Securities lending Agreement
UBS		0		0		0		5		5		(6	)		(1	)
Total Borrowings and Other Financing Transactions	$	257	$	0	$	0	$	5

CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

Remaining Contractual Maturity of the Agreements

	Overnight and Continuous		Up to 30 days		31-90 days		Greater Than 90 days		Total
Securities Lending Transactions(3)
Preferred Securities	$	6	$	0	$	0	$	0	$	6
Total Borrowings	$	6	$	0	$	0	$	0	$	6
Payable for securities on loan - cash collateral									$	6

⁽¹⁾ Includes accrued interest.

⁽²⁾ Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

⁽³⁾ Includes cash collateral as described in Note 5 in the Notes to Financial Statements.

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2022
Investments in Securities, at Value
Common Stocks
Brazil
Communication Services	$	0	$	46	$	0	$	46
Consumer Discretionary		0		160		0		160
Consumer Staples		0		466		0		466
Energy		0		192		0		192
Financials		0		626		0		626
Health Care		0		61		0		61
Industrials		0		148		0		148

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2022
Materials	$	0	$	1,412	$	0	$	1,412
Utilities		0		263		0		263
Chile
Consumer Discretionary		0		60		0		60
Consumer Staples		73		57		0		130
Energy		38		0		0		38
Financials		167		0		0		167
Materials		24		0		0		24
Utilities		172		0		0		172

30 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2022 (Unaudited)

Category and Subcategory		Level 1		Level 2		Level 3		Fair Value at 12/31/2022
China
Communication Services		$	90	$	75	$	0	$	165
Consumer Discretionary			1,245		1,085		0		2,330
Consumer Staples			0		676		0		676
Energy			0		1,936		0		1,936
Financials			26		3,837		0		3,863
Health Care			0		369		0		369
Industrials			0		1,393		0		1,393
Information Technology			0		191		0		191
Materials			0		608		0		608
Real Estate			135		96		12		243
Utilities			0		642		0		642
Greece
Communication Services			0		65		0		65
Consumer Discretionary			0		54		0		54
Energy			0		33		0		33
Financials			0		276		0		276
Industrials			0		8		0		8
Utilities			0		22		0		22
Hong Kong
Consumer Staples			0		56		0		56
Financials			0		360		0		360
Industrials			0		103		0		103
Real Estate	��		0		630		0		630
Utilities			0		842		0		842
India
Communication Services			0		466		0		466
Consumer Discretionary			0		944		0		944
Consumer Staples			0		1,037		0		1,037
Energy			0		1,764		0		1,764
Financials			0		2,407		0		2,407
Health Care			0		581		0		581
Industrials			0		759		0		759
Information Technology			0		2,499		0		2,499
Materials			0		710		0		710
Utilities			0		689		0		689
Indonesia
Communication Services			0		304		0		304
Consumer Discretionary			0		160		0		160
Consumer Staples			7		138		0		145
Energy			0		391		0		391
Financials			0		695		0		695
Health Care			0		44		0		44
Materials			0		51		0		51
Utilities			0		47		0		47
Malaysia
Communication Services			0		126		0		126
Consumer Discretionary			0		89		0		89
Consumer Staples			31		107		0		138
Energy			37		0		0		37
Financials			0		580		0		580
Industrials			0		114		0		114
Materials			0		107		0		107
Utilities			25		65		0		90
Mexico
Communication Services			830		0		0		830
Consumer Staples			961		0		0		961
Financials			174		0		0		174
Industrials			122		0		0		122
Materials			240		0		0		240
Philippines
Communication Services			0		57		0		57
Consumer Staples			0		37		0		37
Financials			0		86		0		86
Industrials			0		83		0		83
Real Estate			0		33		0		33
Utilities			0		31		0		31
Poland
Communication Services			0		59		0		59
Energy			0		298		0		298
Financials			0		135		0		135
Materials			0		84		0		84
Utilities			0		60		0		60

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2022
Russia
Financials	$	0	$	0	$	1	$	1
Saudi Arabia
Communication Services		0		289		0		289
Consumer Discretionary		0		36		0		36
Consumer Staples		0		50		0		50
Energy		0		429		0		429
Financials		0		546		0		546
Health Care		0		17		0		17
Materials		0		589		0		589
Real Estate		0		11		0		11
Utilities		0		23		0		23
Singapore
Industrials		0		44		0		44
South Africa
Communication Services		134		413		0		547
Consumer Discretionary		40		493		0		533
Consumer Staples		175		231		0		406
Energy		0		124		0		124
Financials		64		519		0		583
Health Care		0		41		0		41
Industrials		46		0		0		46
Materials		53		1,036		0		1,089
South Korea
Communication Services		0		907		0		907
Consumer Discretionary		0		2,424		0		2,424
Consumer Staples		0		556		0		556
Energy		0		346		0		346
Financials		0		1,595		0		1,595
Health Care		0		61		0		61
Industrials		0		1,110		0		1,110
Information Technology		0		949		0		949
Materials		0		1,577		0		1,577
Utilities		0		358		0		358
Taiwan
Communication Services		0		574		0		574
Consumer Discretionary		0		398		0		398
Consumer Staples		0		242		0		242
Energy		0		44		0		44
Financials		0		2,390		0		2,390
Industrials		0		619		0		619
Information Technology		12		4,188		0		4,200
Materials		0		1,103		0		1,103
Real Estate		0		109		0		109
Thailand
Communication Services		0		366		0		366
Consumer Discretionary		0		72		0		72
Consumer Staples		0		654		0		654
Energy		0		878		0		878
Financials		0		864		0		864
Health Care		0		303		0		303
Industrials		0		375		0		375
Materials		0		584		0		584
Real Estate		0		269		0		269
Utilities		0		103		0		103
Turkey
Communication Services		0		350		0		350
Consumer Discretionary		0		336		0		336
Consumer Staples		74		167		0		241
Energy		0		422		0		422
Financials		229		607		0		836
Industrials		0		890		0		890
Materials		0		108		0		108
Utilities		47		27		0		74
United States
Consumer Discretionary		0		29		0		29
Preferred Stocks
Brazil
Banking & Finance		0		268		0		268
Industrials		0		383		0		383
Utilities		0		689		0		689
Chile
Industrials		17		196		0		213

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2022 31

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (Cont.) December 31, 2022 (Unaudited)

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2022
Real Estate Investment Trusts
India
Real Estate	$	0	$	29	$	0	$	29
South Africa
Real Estate		18		0		0		18
Turkey
Real Estate		0		53		0		53

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2022
Short-Term Instruments
Repurchase Agreements	$	0	$	257	$	0	$	257
	$	5,306	$	66,405	$	13	$	71,724
Investments in Affiliates, at Value
Short-Term Instruments
Mutual Funds		6		0		0		6
Total Investments	$	5,312	$	66,405	$	13	$	71,730

There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

32 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity  ETF December 31, 2022 (Unaudited)

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.7%
COMMON STOCKS 97.0%
AUSTRALIA 5.0%
COMMUNICATION SERVICES 0.1%
carsales.com Ltd.		1,666	$		24
Nine Entertainment Co. Holdings Ltd.		5,940			7
REA Group Ltd.		372			28
SEEK Ltd.		2,248			32
					91
CONSUMER DISCRETIONARY 0.5%
Aristocrat Leisure Ltd.		921			19
Breville Group Ltd.		844			10
Domino’s Pizza Enterprises Ltd.		589			27
Flight Centre Travel Group Ltd. (a)		2,375			23
Harvey Norman Holdings Ltd.		10,608			30
JB Hi-Fi Ltd.		1,698			48
Super Retail Group Ltd.		4,720			34
Tabcorp Holdings Ltd.		9,281			7
Wesfarmers Ltd.		9,448			295
					493
CONSUMER STAPLES 0.5%
Blackmores Ltd.		414			20
Coles Group Ltd.		11,301			128
GrainCorp Ltd. ‘A’		9,032			46
Metcash Ltd.		24,209			66
Woolworths Group Ltd.		13,761			314
					574
ENERGY 0.6%
Ampol Ltd.		3,976			76
New Hope Corp. Ltd.		2,643			11
Santos Ltd.		7,210			36
Viva Energy Group Ltd.		20,190			37
Whitehaven Coal Ltd.		12,101			77
Woodside Energy Group Ltd.		12,882			312
WorleyParsons Ltd.		5,467			56
					605
FINANCIALS 0.9%
AMP Ltd. (a)		62,332			55
ASX Ltd.		583			27
Bank of Queensland Ltd.		6,349			30
Bendigo & Adelaide Bank Ltd.		5,818			39
Insurance Australia Group Ltd.		10,504			34
Medibank Pvt Ltd.		44,356			88
National Australia Bank Ltd.		12,257			249
NIB Holdings Ltd.		5,689			30
Perpetual Ltd.		854			14
QBE Insurance Group Ltd.		9,871			89
Suncorp Group Ltd.		24,756			202
Westpac Banking Corp.		6,647			105
					962
HEALTH CARE 0.2%
Ansell Ltd.		1,349			26
Cochlear Ltd.		239			33
CSL Ltd.		421			82
Sonic Healthcare Ltd.		2,135			44
					185

	SHARES			MARKET VALUE (000S)
INDUSTRIALS 0.3%
Aurizon Holdings Ltd.		36,752	$		93
Brambles Ltd.		10,654			87
Downer EDI Ltd.		9,410			24
Monadelphous Group Ltd.		1,177			11
Qantas Airways Ltd. (a)		9,507			38
Reece Ltd.		1,112			11
Transurban Group		13,563			119
					383
INFORMATION TECHNOLOGY 0.1%
Computershare Ltd.		3,290			58
MATERIALS 1.5%
BHP Group Ltd.		14,681			455
BlueScope Steel Ltd.		6,442			73
Champion Iron Ltd.		2,371			12
CSR Ltd.		11,171			36
Fortescue Metals Group Ltd.		23,224			325
IGO Ltd.		4,775			44
Iluka Resources Ltd.		4,721			30
Incitec Pivot Ltd.		31,206			79
Mineral Resources Ltd.		951			50
Newcrest Mining Ltd.		4,956			69
Northern Star Resources Ltd.		5,758			43
Nufarm Ltd.		2,587			11
Orica Ltd.		3,132			32
Rio Tinto Ltd.		3,786			299
Sims Ltd.		5,224			46
					1,604
REAL ESTATE 0.0%
Lendlease Corp. Ltd.		6,788			36
UTILITIES 0.3%
AGL Energy Ltd.		19,189			105
APA Group		6,343			46
Origin Energy Ltd.		36,401			191
					342
Total Australia					5,333
AUSTRIA 0.3%
ENERGY 0.1%
OMV AG		1,857			95
FINANCIALS 0.0%
UNIQA Insurance Group AG		4,431			33
INDUSTRIALS 0.1%
Andritz AG		736			42
MATERIALS 0.1%
Lenzing AG		222			13
voestalpine AG		2,174			58
					71
REAL ESTATE 0.0%
CA Immobilien Anlagen AG		1,392			42

	SHARES			MARKET VALUE (000S)
UTILITIES 0.0%
Verbund AG		355	$		30
Total Austria					313
BELGIUM 0.5%
COMMUNICATION SERVICES 0.0%
Proximus SADP		3,514			34
CONSUMER DISCRETIONARY 0.0%
Telenet Group Holding NV		1,323			22
CONSUMER STAPLES 0.2%
Anheuser-Busch InBev SA NV		1,262			76
Etablissements Franz Colruyt NV		1,713			39
Lotus Bakeries NV		5			34
					149
ENERGY 0.0%
Euronav NV		1,064			18
FINANCIALS 0.1%
Ageas SA		1,027			46
Gimv NV		489			23
					69
HEALTH CARE 0.1%
UCB SA		958			75
INDUSTRIALS 0.0%
Ackermans & Van Haaren NV		198			34
INFORMATION TECHNOLOGY 0.1%
Barco NV		1,678			41
MATERIALS 0.0%
Solvay SA		334			34
Total Belgium					476
CANADA 6.9%
COMMUNICATION SERVICES 0.5%
BCE, Inc.		4,026			177
Cineplex, Inc. (a)		3,577			21
Cogeco Communications, Inc.		435			25
Quebecor, Inc. ‘B’		1,672			37
Rogers Communications, Inc. ‘B’		2,040			95
Shaw Communications, Inc. ‘B’		3,432			99
TELUS Corp.		4,958			96
					550
CONSUMER DISCRETIONARY 0.7%
Canadian Tire Corp. Ltd. ‘A’		967			101
Dollarama, Inc.		2,151			126
Gildan Activewear, Inc.		1,299			36
Lululemon Athletica, Inc. (a)		154			49
Magna International, Inc.		6,002			337
Restaurant Brands International, Inc.		1,532			99
Uni-Select, Inc. (a)		500			16
					764

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2022 33

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
CONSUMER STAPLES 0.7%
Alimentation Couche-Tard, Inc.		3,360	$		148
Empire Co. Ltd. ‘A’		3,965			104
George Weston Ltd.		1,043			129
Loblaw Cos., Ltd.		1,940			172
Maple Leaf Foods, Inc.		1,080			20
Metro, Inc.		2,118			117
North West Co., Inc.		1,121			29
Premium Brands Holdings Corp.		418			25
Saputo, Inc.		1,759			44
					788
ENERGY 1.8%
ARC Resources Ltd.		9,582			129
Birchcliff Energy Ltd.		4,779			33
Cameco Corp.		700			16
Canadian Natural Resources Ltd.		2,680			149
Crescent Point Energy Corp.		32,453			232
Enbridge, Inc.		5,030			197
Enerplus Corp.		4,379			77
Gibson Energy, Inc.		2,932			51
Imperial Oil Ltd.		4,053			197
MEG Energy Corp. (a)		5,777			80
Peyto Exploration & Development Corp.		4,753			49
Precision Drilling Corp. (a)		500			38
Suncor Energy, Inc.		12,716			403
TC Energy Corp.		2,988			119
Tourmaline Oil Corp.		110			6
Vermilion Energy, Inc.		1,889			34
Whitecap Resources, Inc.		11,698			93
					1,903
FINANCIALS 0.6%
Bank of Montreal		235			21
Canadian Imperial Bank of Commerce		1,290			52
CI Financial Corp.		3,493			35
Fairfax Financial Holdings Ltd.		315			187
Great-West Lifeco, Inc.		1,525			35
Home Capital Group, Inc.		1,489			47
IGM Financial, Inc.		1,099			31
Intact Financial Corp.		882			127
Onex Corp.		584			28
Power Corp. of Canada		3,534			83
					646
INDUSTRIALS 0.8%
Aecon Group, Inc.		2,837			19
Canadian National Railway Co.		1,308			155
Canadian Pacific Railway Ltd.		3,618			270
Finning International, Inc.		2,375			59
Ritchie Bros Auctioneers, Inc.		751			43
Russel Metals, Inc.		1,409			30
TFI International, Inc.		874			88
Thomson Reuters Corp.		1,083			124
Toromont Industries Ltd.		1,010			73
Westshore Terminals Investment Corp.		2,251			37
					898
INFORMATION TECHNOLOGY 0.3%
Celestica, Inc. (a)		4,601			52

	SHARES			MARKET VALUE (000S)
CGI, Inc. (a)		1,407	$		121
Constellation Software, Inc.		48			75
Open Text Corp.		915			27
					275
MATERIALS 1.0%
Agnico Eagle Mines Ltd.		2,036			106
Barrick Gold Corp.		3,005			52
Eldorado Gold Corp. (a)		4,473			37
First Quantum Minerals Ltd.		3,562			75
Franco-Nevada Corp.		816			111
Interfor Corp. (a)		1,558			24
Methanex Corp.		1,621			61
Nutrien Ltd.		1,534			112
Resolute Forest Products, Inc. (a)		1,499			32
Stelco Holdings, Inc.		1,315			43
Teck Resources Ltd. ‘B’		6,985			264
Transcontinental, Inc. ‘A’		2,238			25
West Fraser Timber Co. Ltd.		993			72
Wheaton Precious Metals Corp.		1,200			47
					1,061
REAL ESTATE 0.1%
Colliers International Group, Inc.		322			30
FirstService Corp.		369			45
					75
UTILITIES 0.4%
Algonquin Power & Utilities Corp.		1,820			12
Atco Ltd. ‘I’		1,773			55
Canadian Utilities Ltd. ‘A’		1,205			33
Emera, Inc.		1,897			72
Fortis, Inc.		2,208			88
Hydro One Ltd.		3,057			82
Northland Power, Inc.		1,646			45
Superior Plus Corp.		3,444			29
TransAlta Renewables, Inc.		2,315			19
					435
Total Canada					7,395
CHILE 0.1%
MATERIALS 0.1%
Antofagasta PLC		3,105			58
Total Chile					58
DENMARK 2.4%
CONSUMER DISCRETIONARY 0.0%
Pandora AS		395			28
CONSUMER STAPLES 0.1%
Carlsberg AS ‘B’		612			81
Royal Unibrew AS		503			36
Scandinavian Tobacco Group AS		2,043			36
					153
FINANCIALS 0.1%
Sydbank AS		1,180			50
Topdanmark AS		807			42
Tryg AS		1,557			37
					129

	SHARES			MARKET VALUE (000S)
HEALTH CARE 1.4%
Coloplast AS ‘B’		306	$		36
Genmab AS (a)		65			27
Novo Nordisk AS ‘B’		10,706			1,454
					1,517
INDUSTRIALS 0.6%
AP Moller - Maersk AS ‘B’		127			284
D/S Norden AS		1,503			91
DSV AS		617			97
ISS AS (a)		2,002			42
Solar AS ‘B’		290			26
Vestas Wind Systems AS		2,112			62
					602
MATERIALS 0.1%
CHR Hansen Holding AS		464			33
Novozymes AS ‘B’		1,608			82
					115
UTILITIES 0.1%
Orsted AS		672			61
Total Denmark					2,605
FINLAND 1.2%
COMMUNICATION SERVICES 0.1%
Elisa Oyj		1,338			71
CONSUMER STAPLES 0.1%
Kesko Oyj ‘B’		5,228			116
ENERGY 0.1%
Neste Oyj		3,005			139
FINANCIALS 0.2%
Nordea Bank Abp		7,490			80
Sampo Oyj ‘A’		4,773			250
					330
HEALTH CARE 0.1%
Orion Oyj ‘B’		1,466			80
INDUSTRIALS 0.1%
Kone Oyj ‘B’		2,066			107
Metso Outotec Oyj		1,267			13
Wartsila Oyj Abp		1,240			10
					130
INFORMATION TECHNOLOGY 0.1%
TietoEVRY Oyj		3,066			87
MATERIALS 0.2%
Kemira Oyj		2,326			36
Outokumpu Oyj		8,577			43
Stora Enso Oyj ‘R’		4,449			63
UPM-Kymmene Oyj		2,687			100
					242

34 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2022 (Unaudited)

	SHARES			MARKET VALUE (000S)
REAL ESTATE 0.1%
Citycon Oyj		4,812	$		32
Kojamo Oyj		2,138			32
					64
UTILITIES 0.1%
Fortum Oyj		3,752			62
Total Finland					1,321
FRANCE 7.8%
COMMUNICATION SERVICES 0.8%
Eutelsat Communications SA		6,790			50
Metropole Television SA		1,903			31
Orange SA		67,895			674
Publicis Groupe SA		1,691			108
Television Francaise 1		2,704			21
Ubisoft Entertainment SA (a)		380			11
					895
CONSUMER DISCRETIONARY 1.3%
Accor SA (a)		738			18
Cie Generale des Etablissements Michelin SCA		2,988			83
Faurecia SE (a)		2,516			38
Hermes International		91			141
Kering SA		210			107
LVMH Moet Hennessy Louis Vuitton SE		539			392
Renault SA		15,506			518
SEB SA		408			34
Sodexo SA		621			60
Valeo SA		1,177			21
					1,412
CONSUMER STAPLES 0.7%
Carrefour SA		23,465			392
Casino Guichard Perrachon SA (a)		2,093			22
Danone SA		4,281			226
L’Oreal SA		139			50
Pernod Ricard SA		470			92
					782
ENERGY 0.7%
TotalEnergies SE		12,239			768
FINANCIALS 0.9%
AXA SA		4,789			134
BNP Paribas SA		2,533			144
SCOR SE		1,425			33
Societe Generale SA		25,596			642
					953
HEALTH CARE 0.6%
BioMerieux		359			38
Sanofi		5,932			572
Sartorius Stedim Biotech		126			41
					651
INDUSTRIALS 1.6%
Airbus SE		1,740			207
Alstom SA		2,517			62

	SHARES			MARKET VALUE (000S)
Bouygues SA		5,476	$		164
Bureau Veritas SA		3,816			101
Cie de Saint-Gobain		2,251			110
Dassault Aviation SA		365			62
Edenred		549			30
Elis SA		2,325			34
Getlink SE		1,121			18
Legrand SA		533			43
Nexans SA		664			60
Rexel SA		7,786			154
Safran SA		1,575			197
Societe BIC SA		675			46
Thales SA		1,091			139
Vinci SA		3,031			302
					1,729
INFORMATION TECHNOLOGY 0.1%
Alten SA		287			36
Worldline SA (a)		651			25
					61
MATERIALS 0.2%
Air Liquide SA		1,138			162
Eramet SA		157			14
Vicat SA		973			24
					200
UTILITIES 0.9%
Electricite de France SA		14,987			192
Engie SA		41,552			595
Veolia Environnement SA		6,251			161
					948
Total France					8,399
GERMANY 5.2%
COMMUNICATION SERVICES 0.3%
CTS Eventim AG & Co. KGaA (a)		553			35
Deutsche Telekom AG (a)		6,279			125
Freenet AG		2,897			63
ProSiebenSat.1 Media SE		3,205			28
Scout24 SE		575			29
Telefonica Deutschland Holding AG		19,438			48
					328
CONSUMER DISCRETIONARY 1.6%
Adidas AG		558			76
Bayerische Motoren Werke AG		9,823			870
Continental AG		1,442			86
ElringKlinger AG		2,925			22
Fielmann AG		627			25
Hella GmbH & Co. KGaA		411			33
Hornbach Holding AG & Co. KGaA		506			42
Hugo Boss AG		1,343			78
Mercedes-Benz Group AG		6,615			432
Vitesco Technologies Group AG (a)		992			57
					1,721
CONSUMER STAPLES 0.2%
Beiersdorf AG		646			74
Metro AG		5,414			53
Suedzucker AG		2,249			39
					166

	SHARES			MARKET VALUE (000S)
FINANCIALS 1.1%
Allianz SE		786	$		168
Commerzbank AG		37,718			353
Deutsche Bank AG		19,239			216
Deutsche Boerse AG		1,204			207
Deutsche Pfandbriefbank AG		5,232			40
Hannover Rueck SE		373			74
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		315			102
Talanx AG		928			44
					1,204
HEALTH CARE 0.3%
Bayer AG		1,855			95
Carl Zeiss Meditec AG		294			37
Fresenius Medical Care AG & Co. KGaA		865			28
Gerresheimer AG		413			28
Merck KGaA		582			112
Siemens Healthineers AG		1,121			56
					356
INDUSTRIALS 0.6%
Bilfinger SE		1,115			32
Deutsche Lufthansa AG		26,631			219
Deutsche Post AG		3,527			132
Hapag-Lloyd AG		218			41
Kloeckner & Co. SE		3,220			32
Knorr-Bremse AG		512			28
MTU Aero Engines AG		285			61
Rational AG		34			20
Rheinmetall AG		144			29
Siemens AG		588			81
					675
INFORMATION TECHNOLOGY 0.2%
SAP SE		2,108			218
MATERIALS 0.5%
Aurubis AG		881			72
BASF SE		3,049			150
Covestro AG		2,146			83
K&S AG		6,473			128
Salzgitter AG		1,911			58
Symrise AG		202			22
Wacker Chemie AG		118			15
					528
REAL ESTATE 0.1%
LEG Immobilien SE		993			65
TAG Immobilien AG		1,402			9
Vonovia SE		1,431			34
					108
UTILITIES 0.3%
E.ON SE		11,311			112
RWE AG		4,164			184
					296
Total Germany					5,600

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2022 35

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
HONG KONG 1.8%
COMMUNICATION SERVICES 0.1%
HKBN Ltd.		33,500	$		22
HKT Trust & HKT Ltd.		48,000			59
PCCW Ltd.		125,295			56
					137
CONSUMER DISCRETIONARY 0.2%
Bosideng International Holdings Ltd.		84,000			40
Chow Tai Fook Jewellery Group Ltd.		25,600			52
Galaxy Entertainment Group Ltd.		7,000			46
Melco Resorts & Entertainment Ltd. ADR (a)		1,269			15
SJM Holdings Ltd. (a)		20,000			11
Skyworth Group Ltd.		68,000			29
					193
CONSUMER STAPLES 0.0%
WH Group Ltd.		64,000			37
FINANCIALS 0.2%
AIA Group Ltd.		19,200			212
Hong Kong Exchanges & Clearing Ltd.		1,200			52
					264
INDUSTRIALS 0.5%
Cathay Pacific Airways Ltd. (a)		48,000			52
CK Hutchison Holdings Ltd.		22,000			132
Hutchison Port Holdings Trust		188,900			36
Jardine Matheson Holdings Ltd.		1,700			86
MTR Corp. Ltd.		20,000			106
NWS Holdings Ltd.		39,000			34
Pacific Basin Shipping Ltd.		70,000			23
SITC International Holdings Co. Ltd.		12,000			27
Xinyi Glass Holdings Ltd.		15,000			28
					524
INFORMATION TECHNOLOGY 0.1%
Kingboard Holdings Ltd.		10,200			33
Kingboard Laminates Holdings Ltd.		23,000			25
Truly International Holdings Ltd.		116,000			18
					76
REAL ESTATE 0.5%
CK Asset Holdings Ltd.		21,000			129
Hongkong Land Holdings Ltd.		14,900			69
Hopson Development Holdings Ltd.		27,071			26
New World Development Co. Ltd.		19,000			53
Sun Hung Kai Properties Ltd.		14,500			198
Swire Pacific Ltd. ‘A’		8,000			70
Wharf Holdings Ltd.		12,000			35
					580
UTILITIES 0.2%
CLP Holdings Ltd.		12,100			88
HK Electric Investments & HK Electric Investments Ltd.		28,000			19
Hong Kong & China Gas Co. Ltd.		33,972			32

	SHARES			MARKET VALUE (000S)
Power Assets Holdings Ltd.		6,000	$		33
					172
Total Hong Kong					1,983
IRELAND 1.0%
CONSUMER DISCRETIONARY 0.0%
Flutter Entertainment PLC (a)		221			30
CONSUMER STAPLES 0.1%
Glanbia PLC		3,992			51
Kerry Group PLC ‘A’		890			80
					131
FINANCIALS 0.1%
Bank of Ireland Group PLC		6,663			64
HEALTH CARE 0.5%
ICON PLC (a)		537			104
Jazz Pharmaceuticals PLC (a)		386			62
Medtronic PLC		4,327			336
					502
INDUSTRIALS 0.2%
Allegion PLC		313			33
DCC PLC		457			22
Experian PLC		2,452			83
Grafton Group PLC		3,008			29
Kingspan Group PLC		601			33
Trane Technologies PLC		395			66
					266
MATERIALS 0.1%
James Hardie Industries PLC		4,478			80
Smurfit Kappa Group PLC		889			33
					113
Total Ireland					1,106
ISRAEL 0.9%
COMMUNICATION SERVICES 0.1%
Bezeq The Israeli Telecommunication Corp. Ltd.		48,619			84
CONSUMER STAPLES 0.0%
Strauss Group Ltd.		1,133			30
ENERGY 0.1%
Delek Group Ltd. (a)		512			56
Oil Refineries Ltd.		161,744			57
Paz Oil Co. Ltd. (a)		219			27
					140
FINANCIALS 0.3%
Bank Hapoalim BM		10,557			95
Bank Leumi Le-Israel BM		12,670			105
Harel Insurance Investments & Financial Services Ltd.		3,279			29
Israel Discount Bank Ltd. ‘A’		9,678			51
Mizrahi Tefahot Bank Ltd.		1,293			42
Plus500 Ltd.		1,262			27
					349

	SHARES			MARKET VALUE (000S)
HEALTH CARE 0.1%
Teva Pharmaceutical Industries Ltd. SP - ADR (a)		6,884	$		63
INDUSTRIALS 0.1%
Elbit Systems Ltd.		205			33
INFORMATION TECHNOLOGY 0.1%
Check Point Software Technologies Ltd. (a)		781			99
Nice Ltd. (a)		169			32
SolarEdge Technologies, Inc. (a)		33			9
					140
MATERIALS 0.1%
ICL Group Ltd.		15,162			110
REAL ESTATE 0.0%
Azrieli Group Ltd.		166			11
G City Ltd.		5,396			17
					28
Total Israel					977
ITALY 2.7%
COMMUNICATION SERVICES 0.2%
Infrastrutture Wireless Italiane SpA		3,529			36
MFE-MediaForEurope NV ‘A’		30,822			12
MFE-MediaForEurope NV ‘B’		10,816			6
Telecom Italia SpA		756,967			175
					229
CONSUMER DISCRETIONARY 0.2%
Brembo SpA		3,123			35
Ferrari NV		334			72
Moncler SpA		760			40
					147
CONSUMER STAPLES 0.0%
MARR SpA		1,729			21
ENERGY 0.9%
Eni SpA		66,249			942
Saipem SpA (a)		9,922			12
Saras SpA (a)		24,345			30
					984
FINANCIALS 0.7%
Anima Holding SpA		7,638			31
Azimut Holding SpA		2,661			60
Banca Generali SpA		839			29
Banca IFIS SpA		2,917			41
Banca Popolare di Sondrio SpA		10,327			42
Banco BPM SpA		25,828			92
BPER Banca		22,585			46
FinecoBank Banca Fineco SpA		2,745			46
Intesa Sanpaolo SpA		13,771			30
UniCredit SpA		16,947			240
Unipol Gruppo SpA		15,176			74
					731

36 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2022 (Unaudited)

	SHARES			MARKET VALUE (000S)
HEALTH CARE 0.1%
Amplifon SpA		1,113	$		33
DiaSorin SpA		358			50
Recordati Industria Chimica e Farmaceutica SpA		1,261			53
					136
INDUSTRIALS 0.1%
Enav SpA		6,057			26
Leonardo SpA		9,889			85
					111
UTILITIES 0.5%
Enel SpA		59,081			318
ERG SpA		1,450			45
Iren SpA		12,572			20
Snam SpA		15,262			74
Terna - Rete Elettrica Nazionale		14,117			104
					561
Total Italy					2,920
JAPAN 25.6%
COMMUNICATION SERVICES 2.4%
Avex, Inc.		2,800			36
Capcom Co. Ltd.		2,800			89
Fuji Media Holdings, Inc.		4,300			35
Internet Initiative Japan, Inc.		2,200			41
Kadokawa Corp.		2,600			48
KDDI Corp.		22,900			695
Konami Group Corp. (a)		400			18
Nexon Co. Ltd.		1,800			40
Nintendo Co. Ltd.		7,800			328
Nippon Telegraph & Telephone Corp.		24,700			704
Nippon Television Holdings, Inc.		4,700			37
Softbank Corp.		33,000			373
SoftBank Group Corp.		2,000			85
Square Enix Holdings Co. Ltd.		600			28
Toho Co. Ltd.		900			35
Yahoo Japan Corp.		11,400			28
					2,620
CONSUMER DISCRETIONARY 4.3%
Aisin Corp.		3,900			103
Arata Corp.		100			3
Bandai Namco Holdings, Inc.		1,700			107
Bridgestone Corp.		6,400			227
Casio Computer Co. Ltd.		3,300			34
DCM Holdings Co. Ltd.		6,000			55
EDION Corp.		3,800			37
Exedy Corp.		2,800			34
Fast Retailing Co. Ltd. (a)		200			122
Food & Life Cos., Ltd.		2,300			45
Geo Holdings Corp. (a)		700			12
H2O Retailing Corp.		1,200			12
Haseko Corp.		2,600			29
Heiwa Corp. (a)		700			13
Hikari Tsushin, Inc.		200			28
HIS Co. Ltd. (a)		1,400			22
Honda Motor Co. Ltd.		24,500			559
Iida Group Holdings Co. Ltd.		2,600			40
Isetan Mitsukoshi Holdings Ltd.		13,100			142
Isuzu Motors Ltd.		14,900			173

	SHARES			MARKET VALUE (000S)
J Front Retailing Co. Ltd.		5,000	$		45
JTEKT Corp.		6,900			48
K’s Holdings Corp.		5,400			46
Kohnan Shoji Co. Ltd.		2,000			52
Mazda Motor Corp.		25,500			191
McDonald’s Holdings Co. Japan Ltd.		900			34
Mitsubishi Motors Corp. (a)		21,400			81
NHK Spring Co. Ltd.		4,000			25
Nikon Corp.		5,400			48
Nishimatsuya Chain Co. Ltd.		2,900			34
Nissan Motor Co. Ltd.		86,900			272
Nitori Holdings Co. Ltd.		300			39
NOK Corp.		3,800			33
Oriental Land Co. Ltd.		800			116
Paltac Corp.		100			4
Pan Pacific International Holdings Corp.		3,900			72
Rinnai Corp.		100			7
Round One Corp.		9,700			35
Saizeriya Co. Ltd.		1,600			36
Sankyo Co. Ltd.		1,500			61
Sega Sammy Holdings, Inc.		1,900			29
Sekisui Chemical Co. Ltd.		3,000			42
Sekisui House Ltd.		3,900			69
Shimamura Co. Ltd.		800			80
Shimano, Inc.		400			63
Skylark Holdings Co. Ltd.		2,000			23
Stanley Electric Co. Ltd.		1,900			36
Subaru Corp.		5,000			76
Sumitomo Electric Industries Ltd.		13,200			149
Sumitomo Forestry Co. Ltd.		3,300			58
Sumitomo Rubber Industries Ltd.		5,900			51
Suzuki Motor Corp.		2,200			71
Takashimaya Co. Ltd.		3,500			49
Tokai Rika Co. Ltd.		2,100			22
Tomy Co. Ltd.		2,800			27
Toyo Tire Corp.		2,900			33
Toyoda Gosei Co. Ltd.		2,500			39
Toyota Boshoku Corp.		3,800			50
Toyota Motor Corp.		14,700			201
TS Tech Co. Ltd.		2,700			31
USS Co. Ltd.		2,700			43
Yamada Holdings Co. Ltd.		35,000			124
Yamaha Corp.		700			26
Yamaha Motor Co. Ltd.		2,300			52
Yoshinoya Holdings Co. Ltd.		1,600			28
Zensho Holdings Co. Ltd.		1,500			38
					4,586
CONSUMER STAPLES 2.8%
Aeon Co. Ltd.		4,900			103
Ain Holdings, Inc.		100			5
Ajinomoto Co., Inc.		7,700			235
Calbee, Inc.		1,700			39
Cawachi Ltd.		1,900			32
Earth Corp.		100			4
Fuji Oil Holdings, Inc.		4,400			68
House Foods Group, Inc.		1,600			34
Itoham Yonekyu Holdings, Inc.		6,900			37
Japan Tobacco, Inc.		24,600			496
Kagome Co. Ltd.		1,400			32
Kao Corp.		3,400			135
Kewpie Corp.		2,000			36
Kikkoman Corp.		700			37

	SHARES			MARKET VALUE (000S)
Kirin Holdings Co. Ltd.		10,500	$		160
Kobe Bussan Co. Ltd.		1,300			37
Lawson, Inc.		800			31
Maruha Nichiro Corp.		1,800			34
MatsukiyoCocokara & Co.		200			10
MEIJI Holdings Co. Ltd.		2,100			108
Mitsubishi Shokuhin Co. Ltd.		1,600			38
Mitsui DM Sugar Holdings Co. Ltd.		2,400			37
Morinaga & Co. Ltd.		1,400			42
Morinaga Milk Industry Co. Ltd.		800			30
NH Foods Ltd.		2,700			75
Nichirei Corp.		700			15
Nippn Corp.		2,900			36
Nisshin Oillio Group Ltd.		1,400			35
Nisshin Seifun Group, Inc.		2,900			36
Nissin Foods Holdings Co. Ltd.		600			47
Pola Orbis Holdings, Inc.		2,900			41
Sakata Seed Corp.		200			7
Seven & i Holdings Co. Ltd.		10,700			459
Sugi Holdings Co. Ltd.		200			9
Sundrug Co. Ltd.		1,700			50
Suntory Beverage & Food Ltd.		1,900			65
Toyo Suisan Kaisha Ltd.		700			27
Tsuruha Holdings, Inc.		600			46
Unicharm Corp.		1,900			73
United Super Markets Holdings, Inc.		4,200			36
Yakult Honsha Co. Ltd.		800			52
Yamazaki Baking Co. Ltd.		2,800			33
Yokorei Co. Ltd.		5,500			45
					3,007
ENERGY 0.9%
Cosmo Energy Holdings Co. Ltd.		2,800			74
ENEOS Holdings, Inc.		91,600			312
Idemitsu Kosan Co. Ltd.		6,712			157
Inpex Corp.		32,300			347
Iwatani Corp.		700			31
Japan Petroleum Exploration Co. Ltd. (a)		600			18
					939
FINANCIALS 1.9%
Aozora Bank Ltd.		2,100			41
Daiwa Securities Group, Inc.		10,000			44
Hokuhoku Financial Group, Inc.		5,600			41
Hyakujushi Bank Ltd.		3,000			44
Jafco Co. Ltd.		900			15
Japan Post Bank Co. Ltd.		9,300			80
Japan Post Holdings Co. Ltd.		64,400			542
Japan Post Insurance Co. Ltd.		2,300			40
Mebuki Financial Group, Inc.		19,800			50
Mitsubishi UFJ Financial Group, Inc.		30,500			205
Mizuho Financial Group, Inc.		14,000			197
MS&AD Insurance Group Holdings, Inc.		5,100			163
Nanto Bank Ltd.		2,900			56
Nishi-Nippon Financial Holdings, Inc.		11,100			81
Resona Holdings, Inc.		10,500			58
Senshu Ikeda Holdings, Inc.		29,700			57
Seven Bank Ltd.		20,100			40
Sompo Holdings, Inc.		600			27
Sumitomo Mitsui Financial Group, Inc.		2,900			117
Sumitomo Mitsui Trust Holdings, Inc.		2,500			87

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2022 37

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
Tokio Marine Holdings, Inc.		4,300	$		92
Zenkoku Hosho Co. Ltd.		200			8
					2,085
HEALTH CARE 1.8%
Alfresa Holdings Corp.		3,000			38
Asahi Intecc Co. Ltd. (a)		1,000			16
Astellas Pharma, Inc.		24,900			379
Chugai Pharmaceutical Co. Ltd.		1,400			36
Daiichi Sankyo Co. Ltd.		3,800			122
Eisai Co. Ltd.		1,400			92
H.U. Group Holdings, Inc.		1,600			35
Hoya Corp.		600			57
Kaken Pharmaceutical Co. Ltd.		1,300			38
M3, Inc.		800			22
Medipal Holdings Corp.		3,700			49
Olympus Corp.		5,600			99
Ono Pharmaceutical Co. Ltd.		1,700			40
Otsuka Holdings Co. Ltd.		1,900			62
Rohto Pharmaceutical Co. Ltd. (a)		1,600			28
Shionogi & Co. Ltd.		900			45
Suzuken Co. Ltd.		1,500			40
Sysmex Corp.		400			24
Taisho Pharmaceutical Holdings Co. Ltd.		600			26
Takeda Pharmaceutical Co. Ltd.		18,841			589
Terumo Corp.		1,900			54
Toho Holdings Co. Ltd.		2,500			42
Tsumura & Co.		1,400			31
					1,964
INDUSTRIALS 6.2%
AGC, Inc.		3,000			100
ANA Holdings, Inc. (a)		5,800			123
Central Glass Co. Ltd.		1,700			36
COMSYS Holdings Corp.		1,900			33
Dai Nippon Printing Co. Ltd.		4,100			82
Daikin Industries Ltd.		600			91
East Japan Railway Co.		4,600			262
EXEO Group, Inc.		2,100			36
FANUC Corp.		400			60
Fuji Electric Co. Ltd.		500			19
Fujikura Ltd.		8,600			65
Fujitec Co. Ltd.		1,700			39
Hankyu Hanshin Holdings, Inc.		1,600			47
Hanwa Co. Ltd.		1,400			40
Harmonic Drive Systems, Inc. (a)		500			14
Hazama Ando Corp.		3,500			22
Hino Motors Ltd.		9,100			35
Hitachi Ltd.		9,500			478
Hitachi Zosen Corp.		7,200			45
Hoshizaki Corp.		200			7
IHI Corp.		1,900			55
ITOCHU Corp.		3,900			122
Japan Airlines Co. Ltd. (a)		7,100			145
Japan Pulp & Paper Co. Ltd. (a)		1,400			54
Kajima Corp.		3,400			40
Kamigumi Co. Ltd.		1,700			35
Kandenko Co. Ltd.		5,500			36
Kawasaki Heavy Industries Ltd.		4,800			111
Kawasaki Kisen Kaisha Ltd.		2,600			55
Keio Corp.		700			26
Kinden Corp.		2,900			32
Kintetsu Group Holdings Co. Ltd. ‘L’		1,500			49

	SHARES			MARKET VALUE (000S)
Komatsu Ltd.		1,700	$		37
Kubota Corp.		2,000			27
Kurita Water Industries Ltd.		800			33
Kyushu Railway Co.		2,000			44
LIXIL Group Corp.		2,000			30
Marubeni Corp.		38,400			440
Meitec Corp.		1,300			24
Minebea Mitsumi, Inc.		2,600			38
MIRAIT ONE Corp.		2,400			28
Mitsubishi Corp.		3,700			120
Mitsubishi Heavy Industries Ltd.		10,900			431
Mitsui & Co. Ltd.		4,400			128
Mitsui OSK Lines Ltd.		12,900			322
MonotaRO Co. Ltd.		600			8
Nagase & Co. Ltd.		2,600			39
Nagoya Railroad Co. Ltd. (a)		2,000			33
Nankai Electric Railway Co. Ltd.		1,800			39
Nippon Steel Trading Corp.		700			49
Nippon Yusen KK		22,600			533
Nisshinbo Holdings, Inc.		5,800			43
NSK Ltd.		14,300			75
NTN Corp.		16,600			33
Obayashi Corp.		7,100			54
Park24 Co. Ltd. (a)		1,200			20
Persol Holdings Co. Ltd.		1,900			40
Recruit Holdings Co. Ltd.		2,700			84
Secom Co. Ltd.		1,400			80
Senko Group Holdings Co. Ltd.		5,000			37
SG Holdings Co. Ltd.		1,700			24
Shibaura Machine Co. Ltd.		1,600			32
Shinmaywa Industries Ltd.		3,900			31
SHO-BOND Holdings Co. Ltd.		200			8
SMC Corp.		100			42
Sohgo Security Services Co. Ltd.		1,400			38
Sojitz Corp.		6,940			132
Sotetsu Holdings, Inc.		1,900			32
Sumitomo Corp.		2,700			45
Taikisha Ltd.		1,500			38
Taisei Corp.		4,000			129
Takeuchi Manufacturing Co. Ltd.		1,800			39
Tobu Railway Co. Ltd.		2,200			51
Tokyu Corp.		5,900			74
Toppan, Inc.		6,000			89
Toshiba Corp.		6,100			212
TOTO Ltd.		900			31
Toyota Tsusho Corp.		3,700			136
West Japan Railway Co.		3,400			148
Yaskawa Electric Corp.		900			29
Yuasa Trading Co. Ltd.		1,400			38
					6,661
INFORMATION TECHNOLOGY 2.1%
Advantest Corp.		700			45
Alps Alpine Co. Ltd.		4,000			36
Azbil Corp.		700			18
BIPROGY, Inc.		1,300			33
Brother Industries Ltd.		1,900			29
Canon Marketing Japan, Inc.		1,900			43
Canon, Inc.		18,000			390
Citizen Watch Co. Ltd.		9,200			41
Daiwabo Holdings Co. Ltd.		2,500			37
Dexerials Corp.		800			15
Disco Corp.		100			28
DTS Corp.		1,800			41

	SHARES			MARKET VALUE (000S)
FUJIFILM Holdings Corp.		2,800	$		140
Fujitsu Ltd.		700			93
Horiba Ltd.		100			4
Hosiden Corp.		3,000			36
Ibiden Co. Ltd.		1,800			65
Kanematsu Electronics Ltd. (a)		1,100			37
Konica Minolta, Inc.		14,400			57
Macnica Holdings, Inc.		1,700			40
Maxell Ltd.		2,900			30
Murata Manufacturing Co. Ltd.		2,100			104
NEC Corp.		5,100			179
Nippon Electric Glass Co. Ltd.		3,000			53
Nomura Research Institute Ltd.		2,400			57
Obic Co. Ltd.		300			44
Omron Corp.		900			43
Otsuka Corp.		400			13
Renesas Electronics Corp. (a)		3,700			33
Ricoh Co. Ltd.		14,400			110
SCSK Corp.		300			5
Seiko Epson Corp.		2,700			39
Shinko Electric Industries Co. Ltd.		2,400			61
SUMCO Corp.		2,100			28
TIS, Inc.		2,500			66
Tokyo Electron Ltd.		400			117
Tokyo Seimitsu Co. Ltd.		200			6
Toshiba TEC Corp.		200			5
Trend Micro, Inc.		400			19
Ulvac, Inc.		500			21
					2,261
MATERIALS 1.9%
Asahi Holdings, Inc.		1,900			28
Daicel Corp.		5,700			41
Dowa Holdings Co. Ltd.		200			6
FP Corp.		200			6
JFE Holdings, Inc.		21,900			254
Kaneka Corp.		1,300			32
Kobe Steel Ltd.		18,800			91
Mitsubishi Chemical Group Corp.		28,300			146
Mitsubishi Materials Corp.		2,100			33
Mitsui Chemicals, Inc.		3,000			67
Nippon Light Metal Holdings Co. Ltd.		1,000			11
Nippon Paper Industries Co. Ltd. ‘L’		12,500			93
Nippon Steel Corp.		29,700			515
Nissan Chemical Corp.		600			26
Nitto Denko Corp.		1,800			104
Oji Holdings Corp.		12,100			49
Shin-Etsu Chemical Co. Ltd.		200			24
Sumitomo Chemical Co. Ltd.		36,400			131
Sumitomo Metal Mining Co. Ltd.		600			21
Sumitomo Osaka Cement Co. Ltd.		1,800			44
Taiheiyo Cement Corp.		2,100			33
Tokuyama Corp.		2,500			34
Tokyo Ohka Kogyo Co. Ltd.		900			41
Tokyo Steel Manufacturing Co. Ltd.		4,100			37
Tosoh Corp.		2,500			30
Toyo Seikan Group Holdings Ltd.		4,200			52
UACJ Corp. (a)		1,000			17
UBE Corp.		2,100			31
					1,997
REAL ESTATE 0.1%
Daito Trust Construction Co. Ltd.		700			72
Mitsubishi Estate Co. Ltd.		2,300			30

38 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2022 (Unaudited)

	SHARES			MARKET VALUE (000S)
Mitsui Fudosan Co. Ltd.		2,000	$		36
					138
UTILITIES 1.2%
Chubu Electric Power Co., Inc.		15,300			158
Chugoku Electric Power Co., Inc.		10,000			51
Electric Power Development Co. Ltd. ‘C’		6,800			108
Hokkaido Electric Power Co., Inc.		9,600			34
Hokuriku Electric Power Co.		8,200			34
Kansai Electric Power Co., Inc.		11,700			114
Kyushu Electric Power Co., Inc.		10,200			58
Nippon Gas Co. Ltd.		800			12
Okinawa Electric Power Co., Inc.		4,200			32
Osaka Gas Co. Ltd.		6,200			100
Shikoku Electric Power Co., Inc.		6,200			36
Toho Gas Co. Ltd.		1,700			32
Tohoku Electric Power Co., Inc.		8,700			46
Tokyo Electric Power Co. Holdings, Inc. (a)		99,300			358
Tokyo Gas Co. Ltd.		8,100			159
					1,332
Total Japan					27,590
LUXEMBOURG 0.6%
COMMUNICATION SERVICES 0.1%
Millicom International Cellular SA (a)		926			12
RTL Group SA		832			35
SES SA		11,244			73
					120
MATERIALS 0.5%
APERAM SA		987			31
ArcelorMittal SA		19,217			507
					538
Total Luxembourg					658
MACAU 0.0%
CONSUMER DISCRETIONARY 0.0%
Sands China Ltd. (a)		4,400			15
Total Macau					15
NETHERLANDS 3.9%
COMMUNICATION SERVICES 0.2%
Koninklijke KPN NV		53,682			166
Universal Music Group NV		2,245			54
VEON Ltd. ADR «(a)		57,207			0
					220
CONSUMER DISCRETIONARY 0.4%
Stellantis NV		28,039			398
CONSUMER STAPLES 0.9%
Heineken Holding NV		1,015			79
Heineken NV		1,324			125
Koninklijke Ahold Delhaize NV		26,586			764
					968
ENERGY 0.0%
Koninklijke Vopak NV		1,070			32

	SHARES			MARKET VALUE (000S)
FINANCIALS 1.0%
ABN AMRO Bank NV		20,858	$		289
Aegon NV		59,262			300
ASR Nederland NV		831			39
Euronext NV		1,028			76
Flow Traders		1,049			24
ING Groep NV		14,081			172
NN Group NV		4,986			204
					1,104
HEALTH CARE 0.1%
Qiagen NV (a)		1,220			61
INDUSTRIALS 0.4%
Arcadis NV		1,049			41
IMCD NV		467			67
Randstad NV		1,059			65
Signify NV		4,459			150
TKH Group NV		432			17
Wolters Kluwer NV		1,542			162
					502
INFORMATION TECHNOLOGY 0.5%
ASM International NV		339			86
ASML Holding NV		477			260
BE Semiconductor Industries NV		561			34
NXP Semiconductors NV		937			148
					528
MATERIALS 0.4%
Akzo Nobel NV		2,954			198
Corbion NV		886			30
Koninklijke DSM NV		1,592			196
					424
Total Netherlands					4,237
NEW ZEALAND 0.3%
COMMUNICATION SERVICES 0.1%
Spark New Zealand Ltd.		17,219			59
HEALTH CARE 0.0%
Fisher & Paykel Healthcare Corp. Ltd. ‘C’		2,622			38
INDUSTRIALS 0.1%
Auckland International Airport Ltd. (a)		7,268			36
Fletcher Building Ltd.		11,150			33
					69
REAL ESTATE 0.0%
Kiwi Property Group Ltd.		52,519			30
UTILITIES 0.1%
Contact Energy Ltd.		6,718			33
Meridian Energy Ltd.		9,489			32
					65
Total New Zealand					261

	SHARES			MARKET VALUE (000S)
NORWAY 1.9%
COMMUNICATION SERVICES 0.1%
Telenor ASA		13,107	$		122
CONSUMER STAPLES 0.2%
Mowi ASA		5,023			86
Orkla ASA		9,060			65
Salmar ASA		811			32
					183
ENERGY 1.0%
Aker Solutions ASA		19,803			76
Equinor ASA		28,894			1,039
Frontline Ltd.		919			11
					1,126
FINANCIALS 0.1%
Gjensidige Forsikring ASA		2,116			42
SpareBank 1 Nord Norge		2,890			28
					70
INDUSTRIALS 0.1%
Tomra Systems ASA		3,396			57
Wallenius Wilhelmsen ASA		1,133			11
					68
INFORMATION TECHNOLOGY 0.1%
Atea ASA		7,364			86
MATERIALS 0.3%
Norsk Hydro ASA		19,009			142
Yara International ASA		5,300			233
					375
REAL ESTATE 0.0%
Entra ASA		2,208			24
Total Norway					2,054
PORTUGAL 0.5%
CONSUMER STAPLES 0.1%
Jeronimo Martins SGPS SA		2,873			62
ENERGY 0.0%
Galp Energia SGPS SA		1,769			24
UTILITIES 0.4%
EDP - Energias de Portugal SA		79,757			398
REN - Redes Energeticas Nacionais SGPS SA		12,224			33
					431
Total Portugal					517
SINGAPORE 1.5%
COMMUNICATION SERVICES 0.2%
NetLink NBN Trust		44,900			28
Singapore Telecommunications Ltd.		116,300			223
					251

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2022 39

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
CONSUMER STAPLES 0.2%
Golden Agri-Resources Ltd.		321,400	$		60
Wilmar International Ltd.		46,900			146
					206
ENERGY 0.0%
BW LPG Ltd.		5,637			44
FINANCIALS 0.6%
DBS Group Holdings Ltd.		7,400			187
Oversea-Chinese Banking Corp. Ltd.		19,500			177
United Overseas Bank Ltd.		10,600			243
					607
INDUSTRIALS 0.4%
ComfortDelGro Corp. Ltd.		32,300			30
Jardine Cycle & Carriage Ltd.		2,500			53
Keppel Corp. Ltd.		11,700			64
Singapore Airlines Ltd.		46,300			191
Singapore Technologies Engineering Ltd.		20,400			51
					389
INFORMATION TECHNOLOGY 0.0%
Venture Corp. Ltd.		2,800			36
UTILITIES 0.1%
Sembcorp Industries Ltd.		37,500			94
Total Singapore					1,627
SOUTH AFRICA 0.0%
HEALTH CARE 0.0%
Mediclinic International PLC		5,460			33
Total South Africa					33
SPAIN 4.3%
COMMUNICATION SERVICES 0.6%
Mediaset Espana Comunicacion SA (a)		826			3
Telefonica SA		165,789			600
					603
CONSUMER DISCRETIONARY 0.1%
Gestamp Automocion SA		9,312			36
Industria de Diseno Textil SA		3,500			93
					129
CONSUMER STAPLES 0.1%
Viscofan SA		849			55
ENERGY 0.8%
Repsol SA		50,741			808
FINANCIALS 1.4%
Banco Bilbao Vizcaya Argentaria SA		34,256			206
Banco de Sabadell SA		214,242			202
Banco Santander SA		282,346			844
Bankinter SA		7,368			49
CaixaBank SA		4,531			18

	SHARES			MARKET VALUE (000S)
Mapfre SA		60,295	$		117
Unicaja Banco SA		77,239			85
					1,521
HEALTH CARE 0.0%
Almirall SA		3,024			29
INDUSTRIALS 0.2%
ACS Actividades de Construccion y Servicios SA		2,442			70
Aena SME SA (a)		352			44
Cia de Distribucion Integral Logista Holdings SA		1,996			50
Ferrovial SA		20			1
Sacyr SA		10,022			28
					193
INFORMATION TECHNOLOGY 0.0%
Amadeus IT Group SA (a)		1,010			52
MATERIALS 0.0%
Acerinox SA		4,161			41
UTILITIES 1.1%
Acciona SA		261			48
EDP Renovaveis SA		1,946			43
Enagas SA		1,422			24
Endesa SA		8,470			160
Iberdrola SA		57,360			669
Naturgy Energy Group SA		6,328			164
Red Electrica Corp. SA		6,970			121
					1,229
Total Spain					4,660
					��
SWEDEN 2.2%
COMMUNICATION SERVICES 0.2%
Tele2 AB ‘B’		6,489			53
Telia Co. AB		85,903			219
					272
CONSUMER DISCRETIONARY 0.3%
Autoliv, Inc.		589			45
Betsson AB		1,382			11
Bilia AB ‘A’		2,271			25
Electrolux AB		6,134			83
Evolution AB		556			54
H & M Hennes & Mauritz AB ‘B’		3,655			40
Scandic Hotels Group AB		10,142			31
					289
CONSUMER STAPLES 0.3%
AAK AB		1,946			33
Axfood AB		1,363			37
Cloetta AB ‘B’		15,743			32
Essity AB ‘B’		7,249			190
					292
ENERGY 0.1%
Orron Energy ab		32,738			71

	SHARES			MARKET VALUE (000S)
FINANCIALS 0.3%
EQT AB		1,221	$		26
Skandinaviska Enskilda Banken AB ‘A’		3,637			42
Svenska Handelsbanken AB ‘A’		10,821			109
Swedbank AB ‘A’		7,923			135
					312
INDUSTRIALS 0.7%
Assa Abloy AB ‘B’		1,969			42
Atlas Copco AB ‘A’		14,430			171
Epiroc AB		4,077			74
Indutrade AB		1,763			36
Sandvik AB		4,089			74
SKF AB ‘B’		3,297			51
Volvo AB ‘B’		16,238			293
					741
INFORMATION TECHNOLOGY 0.0%
Telefonaktiebolaget LM Ericsson ‘B’		8,030			47
MATERIALS 0.2%
Boliden AB		1,886			71
Hexpol AB		2,034			22
SSAB AB ‘A’		29,744			163
Svenska Cellulosa AB SCA. ‘B’		904			11
					267
REAL ESTATE 0.1%
Atrium Ljungberg AB ‘B’		2,208			36
Hufvudstaden AB ‘A’		2,521			36
					72
Total Sweden					2,363
SWITZERLAND 6.9%
COMMUNICATION SERVICES 0.2%
Swisscom AG		349			191
CONSUMER DISCRETIONARY 0.3%
Cie Financiere Richemont SA		1,498			194
Forbo Holding AG		20			24
Garmin Ltd.		793			73
					291
CONSUMER STAPLES 1.1%
Aryzta AG (a)		32,655			39
Barry Callebaut AG		23			45
Chocoladefabriken Lindt & Spruengli AG		8			82
Emmi AG		28			24
Nestle SA		8,840			1,021
					1,211
FINANCIALS 1.6%
Banque Cantonale Vaudoise		512			49
Cembra Money Bank AG		538			45
Partners Group Holding AG		56			49
St Galler Kantonalbank AG		63			33
Swiss Life Holding AG		270			139
Swiss Re AG		2,674			250
UBS Group AG		9,302			173

40 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2022 (Unaudited)

	SHARES			MARKET VALUE (000S)
Valiant Holding AG		453	$		49
Zurich Insurance Group AG		1,909			913
					1,700
HEALTH CARE 1.1%
Galenica AG		719			59
Novartis AG		4,130			374
Roche Holding AG		2,307			725
Sonova Holding AG		157			37
Straumann Holding AG		328			37
					1,232
INDUSTRIALS 0.8%
ABB Ltd.		11,665			356
Adecco Group AG		1,641			54
Bucher Industries AG		83			35
DKSH Holding AG		539			41
dormakaba Holding AG		96			35
Flughafen Zurich AG (a)		185			29
Geberit AG		168			79
Georg Fischer AG		520			32
Kuehne & Nagel International AG		539			125
Schindler Holding AG		351			66
SGS SA		22			51
					903
INFORMATION TECHNOLOGY 0.1%
Landis & Gyr Group AG		600			42
Logitech International SA		923			57
Temenos AG		162			9
					108
MATERIALS 1.5%
EMS-Chemie Holding AG		43			29
Givaudan SA		35			107
Glencore PLC		181,542			1,211
Holcim AG		862			45
SIG Group AG		1,965			43
Sika AG		588			141
					1,576
REAL ESTATE 0.2%
Allreal Holding AG		196			32
PSP Swiss Property AG		560			66
Swiss Prime Site AG		1,045			90
					188
UTILITIES 0.0%
BKW AG		364			50
Total Switzerland					7,450
UNITED KINGDOM 13.5%
COMMUNICATION SERVICES 0.9%
BT Group PLC		141,320			191
Informa PLC		2,791			21
Pearson PLC		13,869			156
Vodafone Group PLC		591,224			599
					967
CONSUMER DISCRETIONARY 0.9%
B&M European Value Retail SA		6,839			34

	SHARES			MARKET VALUE (000S)
Barratt Developments PLC		2,170	$		10
Berkeley Group Holdings PLC		597			27
Burberry Group PLC		2,193			53
Compass Group PLC		11,613			268
Frasers Group PLC (a)		4,123			35
Greggs PLC		1,591			45
Halfords Group PLC		7,263			18
Inchcape PLC		3,799			38
InterContinental Hotels Group PLC		576			33
Kingfisher PLC		72,480			206
Mitchells & Butlers PLC (a)		11,448			19
Next PLC		1,037			73
Persimmon PLC		5,264			77
Pets at Home Group PLC		6,108			21
Taylor Wimpey PLC		18,604			23
					980
CONSUMER STAPLES 2.6%
Associated British Foods PLC		3,804			72
British American Tobacco PLC		10,012			396
Cranswick PLC		710			26
Diageo PLC		8,871			388
Imperial Brands PLC		20,295			506
J Sainsbury PLC		47,104			124
Marks & Spencer Group PLC (a)		42,583			63
Premier Foods PLC		24,163			32
Reckitt Benckiser Group PLC		4,605			319
Tate & Lyle PLC		5,770			49
Tesco PLC		103,820			280
Unilever PLC		11,257			568
					2,823
ENERGY 2.3%
BP PLC		252,550			1,457
Shell PLC		32,103			905
Subsea 7 SA		8,544			99
					2,461
FINANCIALS 0.9%
3i Group PLC		3,883			63
Admiral Group PLC		1,965			50
Aviva PLC		6,864			36
Direct Line Insurance Group PLC		31,758			85
IG Group Holdings PLC		4,167			39
London Stock Exchange Group PLC		1,139			98
M&G PLC		59,862			135
Man Group PLC		16,897			44
NatWest Group PLC		36,477			116
Provident Financial PLC		8,209			19
Schroders PLC		4,752			25
Standard Chartered PLC		23,337			174
Standard Life Aberdeen PLC		30,143			69
					953
HEALTH CARE 2.0%
AstraZeneca PLC		11,851			1,604
ConvaTec Group PLC		12,675			35
GSK PLC		25,748			445
Indivior PLC (a)		2,537			57
Smith & Nephew PLC		3,578			48
					2,189

	SHARES			MARKET VALUE (000S)
INDUSTRIALS 1.8%
Ashtead Group PLC		1,836	$		104
BAE Systems PLC		45,437			469
Balfour Beatty PLC		9,995			41
Bunzl PLC		2,045			68
CNH Industrial NV		7,894			127
Diploma PLC		1,137			38
easyJet PLC (a)		2,429			10
Ferguson PLC		895			112
Firstgroup PLC		30,469			37
Howden Joinery Group PLC		5,802			39
IMI PLC		2,591			41
International Consolidated Airlines Group SA		92,008			137
International Distributions Services PLC		27,095			70
Morgan Sindall Group PLC		1,289			24
Pagegroup PLC		4,727			26
RELX PLC		12,853			355
Rentokil Initial PLC		9,143			56
RS GROUP PLC		4,019			43
Spirax-Sarco Engineering PLC		464			59
Travis Perkins PLC		2,473			27
					1,883
INFORMATION TECHNOLOGY 0.1%
Computacenter PLC		1,047			24
Micro Focus International PLC		13,529			87
					111
MATERIALS 1.2%
Anglo American PLC		7,363			288
Croda International PLC		706			56
Johnson Matthey PLC		3,208			82
Mondi PLC		2,133			36
Rio Tinto PLC		11,940			841
					1,303
REAL ESTATE 0.0%
Grainger PLC		6,328			19
Savills PLC		2,171			22
					41
UTILITIES 0.8%
Centrica PLC		170,001			198
Drax Group PLC		8,501			72
National Grid PLC		28,212			338
Severn Trent PLC		1,210			39
SSE PLC		7,170			147
United Utilities Group PLC		7,526			90
					884
Total United Kingdom					14,595
UNITED STATES 0.0%
CONSUMER DISCRETIONARY 0.0%
Carnival PLC (a)		1,491			10
Total United States					10
Total Common Stocks (Cost $101,004)					104,556

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2022 41

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
PREFERRED STOCKS 0.8%
GERMANY 0.8%
INDUSTRIALS 0.8%
Fuchs Petrolub SE		2,519	$		88
Henkel AG & Co. KGaA		2,312			160
Sartorius AG		70			28
Schaeffler AG		4,668			31
Volkswagen AG		4,586			569
					876
Total Preferred Stocks (Cost $1,137)					876
REAL ESTATE INVESTMENT TRUSTS 1.6%
AUSTRALIA 0.1%
REAL ESTATE 0.1%
GPT Group		10,924			31
Stockland		12,667			31
Vicinity Ltd.		18,149			25
					87
Total Australia					87
BELGIUM 0.1%
REAL ESTATE 0.1%
Cofinimmo SA		234			21
Retail Estates REIT		439			29
Warehouses De Pauw CVA		1,043			30
					80
Total Belgium					80
CANADA 0.1%
REAL ESTATE 0.1%
Allied Properties Real Estate Investment Trust		1,050			20
Canadian Apartment Properties REIT		890			28
Dream Office Real Estate Investment Trust		1,609			17
Granite Real Estate Investment Trust		645			33
					98
Total Canada					98
FRANCE 0.1%
REAL ESTATE 0.1%
Klepierre SA		1,698			39

	SHARES			MARKET VALUE (000S)
Unibail-Rodamco-Westfield (a)		894	$		47
					86
Total France					86
HONG KONG 0.1%
REAL ESTATE 0.1%
Fortune REIT		33,000			27
Link REIT		8,900			65
					92
Total Hong Kong					92
JAPAN 0.9%
REAL ESTATE 0.9%
Activia Properties, Inc.		7			22
Advance Residence Investment Corp.		16			41
AEON REIT Investment Corp.		30			35
Daiwa House REIT Investment Corp.		15			33
Daiwa Office Investment Corp.		2			10
Daiwa Securities Living Investments Corp.		47			41
Frontier Real Estate Investment Corp.		2			8
Fukuoka REIT Corp.		22			29
GLP J-Reit		28			32
Hulic Reit, Inc.		22			27
Industrial & Infrastructure Fund Investment Corp.		22			25
Invincible Investment Corp.		109			42
Japan Excellent, Inc.		29			29
Japan Hotel REIT Investment Corp.		138			81
Japan Logistics Fund, Inc.		16			38
Japan Metropolitan Fund Invest		64			51
Japan Prime Realty Investment Corp.		8			23
Japan Real Estate Investment Corp.		7			31
Kenedix Office Investment Corp.		11			27
Mori Hills REIT Investment Corp.		23			28
Mori Trust Sogo Reit, Inc.		29			32
Nippon Accommodations Fund, Inc.		3			14
Nippon Building Fund, Inc.		9			40
Nippon Prologis REIT, Inc.		15			35
Nomura Real Estate Master Fund, Inc.		30			37
NTT UD REIT Investment Corp.		34			36
Orix JREIT, Inc.		27			38
Sekisui House Reit, Inc.		56			32
United Urban Investment Corp.		33			38
					955
Total Japan					955

	SHARES			MARKET VALUE (000S)
SINGAPORE 0.1%
REAL ESTATE 0.1%
CapitaLand Ascendas REIT		25,900	$		53
CapitaLand Integrated Commercial Trust		21,300			32
Keppel DC REIT		20,900			28
Mapletree Industrial Trust		18,835			31
					144
Total Singapore					144
SPAIN 0.0%
REAL ESTATE 0.0%
Inmobiliaria Colonial Socimi SA		2,164			14
Total Spain					14
UNITED KINGDOM 0.1%
REAL ESTATE 0.1%
Assura PLC		23,889			16
Big Yellow Group PLC		1,857			26
Great Portland Estates PLC		3,166			19
LondonMetric Property PLC		11,622			24
Segro PLC		5,025			46
Tritax Big Box REIT PLC		23,830			40
					171
Total United Kingdom					171
Total Real Estate Investment Trusts (Cost $1,987)					1,727
SHORT-TERM INSTRUMENTS 0.3%
REPURCHASE AGREEMENTS (b) 0.3%
					320
Total Short-Term Instruments (Cost $320)					320
Total Investments in Securities (Cost $104,448)					107,479
Total Investments 99.7% (Cost $104,448)			$		107,479
Financial Derivative Instruments (c) 0.0% (Cost or Premiums, net $0)					0
Other Assets and Liabilities, net 0.3%					331
Net Assets 100.0%			$		107,810

NOTES TO SCHEDULE OF INVESTMENTS:    

* A zero balance may reflect actual amounts rounding to less than one thousand.

« Security valued using significant unobservable inputs (Level 3).

(a) Security did not produce income within the last twelve months.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(b)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to  be Received(1)
FICC		1.900	%		12/30/2022		01/03/2023	$	320	U.S. Treasury Bills 0.000% due 12/28/2023	$	(327	)	$	320	$	320
Total Repurchase Agreements											$	(327	)	$	320	$	320

42 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2022 (Unaudited)

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:

Counterparty	Repurchase Agreement Proceeds to  be Received(1)		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure(2)
Global/Master Repurchase Agreement
FICC	$	320	$	0	$	0	$	320	$	(327	)	$	(7	)
Total Borrowings and Other Financing Transactions	$	320	$	0	$	0

⁽¹⁾ Includes accrued interest.

⁽²⁾ Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

(c)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:

Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Unrealized Appreciation/ (Depreciation)
							Asset		Liability
MBC		01/2023	CAD	46	$	34	$	0	$	0
Total Forward Foreign Currency Contracts							$	0	$	0

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2022:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	4	$	0	$	4

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2022
Investments in Securities, at Value
Common Stocks
Australia
Communication Services	$	0	$	91	$	0	$	91
Consumer Discretionary		0		493		0		493
Consumer Staples		0		574		0		574
Energy		0		605		0		605
Financials		0		962		0		962
Health Care		0		185		0		185
Industrials		0		383		0		383
Information Technology		0		58		0		58
Materials		0		1,604		0		1,604
Real Estate		0		36		0		36
Utilities		0		342		0		342
Austria
Energy		0		95		0		95
Financials		0		33		0		33
Industrials		0		42		0		42

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2022
Materials	$	0	$	71	$	0	$	71
Real Estate		0		42		0		42
Utilities		0		30		0		30
Belgium
Communication Services		0		34		0		34
Consumer Discretionary		0		22		0		22
Consumer Staples		0		149		0		149
Energy		0		18		0		18
Financials		0		69		0		69
Health Care		0		75		0		75
Industrials		0		34		0		34
Information Technology		0		41		0		41
Materials		0		34		0		34
Canada
Communication Services		550		0		0		550
Consumer Discretionary		764		0		0		764
Consumer Staples		788		0		0		788
Energy		1,903		0		0		1,903

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2022 43

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.)

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2022
Financials	$	646	$	0	$	0	$	646
Industrials		898		0		0		898
Information Technology		275		0		0		275
Materials		1,061		0		0		1,061
Real Estate		75		0		0		75
Utilities		435		0		0		435
Chile
Materials		0		58		0		58
Denmark
Consumer Discretionary		0		28		0		28
Consumer Staples		0		153		0		153
Financials		0		129		0		129
Health Care		0		1,517		0		1,517
Industrials		0		602		0		602
Materials		0		115		0		115
Utilities		0		61		0		61
Finland
Communication Services		0		71		0		71
Consumer Staples		0		116		0		116
Energy		0		139		0		139
Financials		0		330		0		330
Health Care		0		80		0		80
Industrials		0		130		0		130
Information Technology		0		87		0		87
Materials		0		242		0		242
Real Estate		0		64		0		64
Utilities		0		62		0		62
France
Communication Services		0		895		0		895
Consumer Discretionary		0		1,412		0		1,412
Consumer Staples		0		782		0		782
Energy		0		768		0		768
Financials		0		953		0		953
Health Care		0		651		0		651
Industrials		0		1,729		0		1,729
Information Technology		0		61		0		61
Materials		0		200		0		200
Utilities		0		948		0		948
Germany
Communication Services		0		328		0		328
Consumer Discretionary		0		1,721		0		1,721
Consumer Staples		0		166		0		166
Financials		0		1,204		0		1,204
Health Care		0		356		0		356
Industrials		0		675		0		675
Information Technology		0		218		0		218
Materials		0		528		0		528
Real Estate		0		108		0		108
Utilities		0		296		0		296
Hong Kong
Communication Services		0		137		0		137
Consumer Discretionary		15		178		0		193
Consumer Staples		0		37		0		37
Financials		0		264		0		264
Industrials		0		524		0		524
Information Technology		0		76		0		76
Real Estate		0		580		0		580
Utilities		0		172		0		172
Ireland
Consumer Discretionary		0		30		0		30
Consumer Staples		0		131		0		131
Financials		0		64		0		64
Health Care		502		0		0		502
Industrials		99		167		0		266
Materials		0		113		0		113
Israel
Communication Services		0		84		0		84
Consumer Staples		0		30		0		30
Energy		0		140		0		140
Financials		0		349		0		349

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2022
Health Care	$	63	$	0	$	0	$	63
Industrials		0		33		0		33
Information Technology		108		32		0		140
Materials		0		110		0		110
Real Estate		0		28		0		28
Italy
Communication Services		0		229		0		229
Consumer Discretionary		0		147		0		147
Consumer Staples		0		21		0		21
Energy		0		984		0		984
Financials		0		731		0		731
Health Care		0		136		0		136
Industrials		0		111		0		111
Utilities		0		561		0		561
Japan
Communication Services		0		2,620		0		2,620
Consumer Discretionary		0		4,586		0		4,586
Consumer Staples		0		3,007		0		3,007
Energy		0		939		0		939
Financials		0		2,085		0		2,085
Health Care		0		1,964		0		1,964
Industrials		0		6,661		0		6,661
Information Technology		0		2,261		0		2,261
Materials		0		1,997		0		1,997
Real Estate		0		138		0		138
Utilities		0		1,332		0		1,332
Luxembourg
Communication Services		0		120		0		120
Materials		0		538		0		538
Macau
Consumer Discretionary		0		15		0		15
Netherlands
Communication Services		0		220		0		220
Consumer Discretionary		0		398		0		398
Consumer Staples		0		968		0		968
Energy		0		32		0		32
Financials		24		1,080		0		1,104
Health Care		61		0		0		61
Industrials		0		502		0		502
Information Technology		148		380		0		528
Materials		0		424		0		424
New Zealand
Communication Services		0		59		0		59
Health Care		0		38		0		38
Industrials		0		69		0		69
Real Estate		0		30		0		30
Utilities		0		65		0		65
Norway
Communication Services		0		122		0		122
Consumer Staples		0		183		0		183
Energy		11		1,115		0		1,126
Financials		0		70		0		70
Industrials		0		68		0		68
Information Technology		0		86		0		86
Materials		0		375		0		375
Real Estate		0		24		0		24
Portugal
Consumer Staples		0		62		0		62
Energy		0		24		0		24
Utilities		0		431		0		431
Singapore
Communication Services		0		251		0		251
Consumer Staples		0		206		0		206
Energy		0		44		0		44
Financials		0		607		0		607
Industrials		0		389		0		389
Information Technology		0		36		0		36
Utilities		0		94		0		94
South Africa
Health Care		0		33		0		33

44 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2022 (Unaudited)

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2022
Spain
Communication Services	$	0	$	603	$	0	$	603
Consumer Discretionary		0		129		0		129
Consumer Staples		0		55		0		55
Energy		0		808		0		808
Financials		0		1,521		0		1,521
Health Care		0		29		0		29
Industrials		0		193		0		193
Information Technology		0		52		0		52
Materials		0		41		0		41
Utilities		0		1,229		0		1,229
Sweden
Communication Services		0		272		0		272
Consumer Discretionary		45		244		0		289
Consumer Staples		0		292		0		292
Energy		0		71		0		71
Financials		0		312		0		312
Industrials		0		741		0		741
Information Technology		0		47		0		47
Materials		0		267		0		267
Real Estate		0		72		0		72
Switzerland
Communication Services		0		191		0		191
Consumer Discretionary		73		218		0		291
Consumer Staples		0		1,211		0		1,211
Financials		0		1,700		0		1,700
Health Care		0		1,232		0		1,232
Industrials		0		903		0		903
Information Technology		0		108		0		108
Materials		0		1,576		0		1,576
Real Estate		0		188		0		188
Utilities		0		50		0		50
United Kingdom
Communication Services		0		967		0		967
Consumer Discretionary		39		941		0		980
Consumer Staples		58		2,765		0		2,823
Energy		0		2,461		0		2,461

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2022
Financials	$	19	$	934	$	0	$	953
Health Care		0		2,189		0		2,189
Industrials		41		1,842		0		1,883
Information Technology		0		111		0		111
Materials		0		1,303		0		1,303
Real Estate		19		22		0		41
Utilities		0		884		0		884
United States
Consumer Discretionary		0		10		0		10
Preferred Stocks
Germany
Industrials		0		876		0		876
Real Estate Investment Trusts
Australia
Real Estate		0		87		0		87
Belgium
Real Estate		0		80		0		80
Canada
Real Estate		98		0		0		98
France
Real Estate		0		86		0		86
Hong Kong
Real Estate		0		92		0		92
Japan
Real Estate		0		955		0		955
Singapore
Real Estate		0		144		0		144
Spain
Real Estate		0		14		0		14
United Kingdom
Real Estate		16		155		0		171
Short-Term Instruments
Repurchase Agreements		0		320		0		320
Total Investments	$	8,834	$	98,645	$	0	$	107,479

There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2022 45

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor U.S. Equity  ETF

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 100.3%
COMMON STOCKS 97.1%
IRELAND 0.1%
INFORMATION TECHNOLOGY 0.1%
Accenture PLC ‘A’		523	$		139
Total Ireland					139
SWITZERLAND 0.1%
FINANCIALS 0.1%
Chubb Ltd.		371			82
Total Switzerland					82
UNITED KINGDOM 0.5%
COMMUNICATION SERVICES 0.1%
Liberty Global PLC ‘C’ (a)		7,138			139
CONSUMER STAPLES 0.0%
Nomad Foods Ltd. (a)		26			0
ENERGY 0.0%
TechnipFMC PLC (a)		3,600			44
FINANCIALS 0.1%
Willis Towers Watson PLC		447			109
INDUSTRIALS 0.1%
Nvent Electric PLC		293			11
Pentair PLC		1,198			54
					65
MATERIALS 0.2%
Amcor PLC		4,300			51
Linde PLC		461			151
					202
Total United Kingdom					559
UNITED STATES 96.4%
COMMUNICATION SERVICES 4.8%
Activision Blizzard, Inc.		1,790			137
AMC Entertainment Holdings, Inc. ‘A’ (a)		1,480			6
AMC Networks, Inc. ‘A’ (a)		683			11
AT&T, Inc.		122,899			2,263
Cable One, Inc.		12			9
Charter Communications, Inc. ‘A’ (a)		447			152
Cinemark Holdings, Inc. (a)		1,319			11
Comcast Corp. ‘A’		16,438			575
Electronic Arts, Inc.		1,291			158
Fox Corp. ‘A’		1,931			59
Interpublic Group of Cos., Inc.		2,134			71
John Wiley & Sons, Inc. ‘A’		354			14
Liberty Broadband Corp. ‘C’ (a)		218			17
Liberty Media Corp.-Liberty Formula One ‘C’ (a)		387			23
Liberty Media Corp.-Liberty SiriusXM ‘C’ (a)		3,327			130
Lumen Technologies, Inc.		23,896			125
New York Times Co. ‘A’		333			11
News Corp. ‘A’		3,378			61
Nexstar Media Group, Inc. ‘A’		285			50

	SHARES			MARKET VALUE (000S)
Omnicom Group, Inc.		1,642	$		134
Paramount Global		5,409			91
Pinterest, Inc. ‘A’ (a)		1,373			33
Scholastic Corp.		260			10
T-Mobile U.S., Inc. (a)		1,635			229
Take-Two Interactive Software, Inc. (a)		238			25
TEGNA, Inc.		3,027			64
Telephone & Data Systems, Inc.		1,641			17
TripAdvisor, Inc. (a)		634			11
Verizon Communications, Inc.		23,188			914
Walt Disney Co. (a)		1,346			117
Yelp, Inc. (a)		524			14
Zillow Group, Inc. ‘C’ (a)		544			17
					5,559
CONSUMER DISCRETIONARY 10.0%
Abercrombie & Fitch Co. ‘A’ (a)		1,098			25
Academy Sports & Outdoors, Inc.		641			34
Adient PLC (a)		2,227			77
Adtalem Global Education, Inc. (a)		763			27
Advance Auto Parts, Inc.		101			15
American Axle & Manufacturing Holdings, Inc. (a)		2,121			17
American Eagle Outfitters, Inc.		3,906			55
Aramark		580			24
Asbury Automotive Group, Inc. (a)		448			80
AutoNation, Inc. (a)		1,032			111
AutoZone, Inc. (a)		125			308
Bath & Body Works, Inc.		607			26
Bed Bath & Beyond, Inc. (a)		6,886			17
Best Buy Co., Inc.		3,232			259
Bloomin’ Brands, Inc.		683			14
Booking Holdings, Inc. (a)		93			187
BorgWarner, Inc.		1,600			64
Bright Horizons Family Solutions, Inc. (a)		110			7
Brunswick Corp.		580			42
Buckle, Inc.		663			30
Carnival Corp. (a)		6,685			54
Carter’s, Inc.		1,152			86
Cheesecake Factory, Inc.		845			27
Chipotle Mexican Grill, Inc. (a)		47			65
Churchill Downs, Inc.		140			30
Cracker Barrel Old Country Store, Inc.		413			39
Dana, Inc.		3,584			54
Darden Restaurants, Inc.		226			31
Dave & Buster’s Entertainment, Inc. (a)		370			13
Deckers Outdoor Corp. (a)		120			48
Designer Brands, Inc. ’A’		1,902			19
Dick’s Sporting Goods, Inc.		1,141			137
Dillard’s, Inc. ‘A’		81			26
Dollar General Corp.		1,361			335
Dollar Tree, Inc. (a)		1,136			161
Domino’s Pizza, Inc.		336			116
Dorman Products, Inc. (a)		180			15
eBay, Inc.		6,001			249
Foot Locker, Inc.		2,940			111
Ford Motor Co.		82,035			954
G-III Apparel Group Ltd. (a)		1,427			20
Gap, Inc.		7,773			88
General Motors Co.		25,059			843
Genesco, Inc. (a)		249			11

	SHARES			MARKET VALUE (000S)
Gentex Corp.		1,446	$		39
Genuine Parts Co.		390			68
Goodyear Tire & Rubber Co. (a)		10,456			106
Graham Holdings Co. ‘B’		32			19
Grand Canyon Education, Inc. (a)		212			22
Group 1 Automotive, Inc.		294			53
Guess?, Inc.		513			11
H&R Block, Inc.		3,575			131
Hanesbrands, Inc.		2,647			17
Harley-Davidson, Inc.		851			35
Hasbro, Inc.		141			9
Hilton Grand Vacations, Inc. (a)		450			17
Hilton Worldwide Holdings, Inc.		383			48
Home Depot, Inc.		1,182			373
International Game Technology PLC		1,076			24
Jack in the Box, Inc.		656			45
Kohl’s Corp.		5,178			131
Kontoor Brands, Inc.		550			22
La-Z-Boy, Inc.		697			16
Las Vegas Sands Corp. (a)		1,393			67
Lear Corp.		710			88
Leggett & Platt, Inc.		1,516			49
Light & Wonder, Inc. ‘A’ (a)		236			14
Lithia Motors, Inc.		80			16
LKQ Corp.		397			21
Lowe’s Cos., Inc.		1,237			246
Macy’s, Inc.		6,550			135
Marriott International, Inc. ‘A’		586			87
Marriott Vacations Worldwide Corp.		149			20
McDonald’s Corp.		3,559			938
MDC Holdings, Inc.		404			13
Meritage Homes Corp. (a)		330			30
MGM Resorts International		533			18
Murphy USA, Inc.		786			220
Newell Brands, Inc.		688			9
NIKE, Inc. ‘B’		505			59
Nordstrom, Inc.		2,753			44
Norwegian Cruise Line Holdings Ltd. (a)		1,089			13
O’Reilly Automotive, Inc. (a)		405			342
ODP Corp. (a)		977			45
Penn Entertainment, Inc. (a)		512			15
Penske Automotive Group, Inc.		674			77
Polaris, Inc.		191			19
Pool Corp.		222			67
PulteGroup, Inc.		2,319			106
PVH Corp.		449			32
Qurate Retail, Inc. (a)		14,364			23
Ralph Lauren Corp.		610			64
Ross Stores, Inc.		355			41
Royal Caribbean Cruises Ltd. (a)		268			13
Sally Beauty Holdings, Inc. (a)		3,030			38
Service Corp. International		1,267			88
Signet Jewelers Ltd.		827			56
Sonic Automotive, Inc. ‘A’		275			14
Steven Madden Ltd.		475			15
Strategic Education, Inc.		146			11
Target Corp.		5,596			834
Taylor Morrison Home Corp. ‘A’ (a)		1,947			59
Tempur Sealy International, Inc.		1,268			44
Texas Roadhouse, Inc.		332			30
Thor Industries, Inc.		609			46
TJX Cos., Inc.		1,051			84
Toll Brothers, Inc.		1,393			70
Tractor Supply Co.		412			93

46 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2022 (Unaudited)

	SHARES			MARKET VALUE (000S)
Tri Pointe Homes, Inc. (a)		2,001	$		37
Ulta Beauty, Inc. (a)		289			136
Urban Outfitters, Inc. (a)		1,324			32
Vail Resorts, Inc.		244			58
VF Corp.		343			10
Vista Outdoor, Inc. (a)		274			7
Visteon Corp. (a)		505			66
Wendy’s Co.		3,665			83
Whirlpool Corp.		940			133
Williams-Sonoma, Inc.		928			107
Wyndham Hotels & Resorts, Inc.		449			32
Wynn Resorts Ltd. (a)		282			23
Yum! Brands, Inc.		1,762			226
					11,500
CONSUMER STAPLES 14.5%
Altria Group, Inc.		17,298			791
Andersons, Inc.		425			15
Archer-Daniels-Midland Co.		6,930			643
B&G Foods, Inc.		801			9
Boston Beer Co., Inc. ‘A’ (a)		37			12
Brown-Forman Corp. ‘B’		1,856			122
Bunge Ltd.		3,368			336
Cal-Maine Foods, Inc.		917			50
Campbell Soup Co.		1,126			64
Casey’s General Stores, Inc.		527			118
Central Garden & Pet Co. ‘A’ (a)		301			11
Church & Dwight Co., Inc.		980			79
Clorox Co.		620			87
Coca-Cola Co.		19,905			1,266
Colgate-Palmolive Co.		4,460			351
Conagra Brands, Inc.		2,695			104
Constellation Brands, Inc. ‘A’		665			154
Costco Wholesale Corp.		1,388			634
Darling Ingredients, Inc. (a)		390			24
Edgewell Personal Care Co.		1,080			42
Estee Lauder Cos., Inc. ‘A’		109			27
Flowers Foods, Inc.		2,403			69
General Mills, Inc.		3,820			320
Hain Celestial Group, Inc. (a)		412			7
Herbalife Nutrition Ltd. (a)		549			8
Hershey Co.		535			124
Hormel Foods Corp.		1,518			69
Ingles Markets, Inc. ‘A’		200			19
Ingredion, Inc.		888			87
J & J Snack Foods Corp.		132			20
J M Smucker Co.		905			143
Kellogg Co.		1,883			134
Keurig Dr Pepper, Inc.		3,879			138
Kimberly-Clark Corp.		1,984			269
Kraft Heinz Co.		9,599			391
Kroger Co.		14,450			644
Lamb Weston Holdings, Inc.		1,073			96
Lancaster Colony Corp.		222			44
McCormick & Co., Inc.		1,429			118
Molson Coors Beverage Co. ‘B’		3,523			181
Mondelez International, Inc. ‘A’		7,585			506
Monster Beverage Corp. (a)		697			71
National Beverage Corp. (a)		183			9
Nu Skin Enterprises, Inc. ‘A’		1,137			48
PepsiCo, Inc.		7,654			1,383
Performance Food Group Co. (a)		1,334			78
Philip Morris International, Inc.		9,842			996
Post Holdings, Inc. (a)		801			72

	SHARES			MARKET VALUE (000S)
PriceSmart, Inc.		182	$		11
Procter & Gamble Co.		11,868			1,799
SpartanNash Co.		540			16
Sprouts Farmers Market, Inc. (a)		3,698			120
Sysco Corp.		1,580			121
TreeHouse Foods, Inc. (a)		703			35
Tyson Foods, Inc. ‘A’		4,701			293
U.S. Foods Holding Corp. (a)		2,961			101
United Natural Foods, Inc. (a)		1,080			42
Universal Corp.		203			11
Vector Group Ltd.		1,837			22
Walgreens Boots Alliance, Inc.		22,297			833
Walmart, Inc.		16,437			2,331
Weis Markets, Inc.		139			11
					16,729
ENERGY 12.7%
Antero Resources Corp. (a)		4,668			145
APA Corp.		994			46
Arch Resources, Inc.		66			9
Archrock, Inc.		1,561			14
Baker Hughes Co.		12,588			372
ChampionX Corp. (a)		548			16
Cheniere Energy, Inc.		505			76
Chevron Corp.		14,919			2,678
CNX Resources Corp. (a)		2,782			47
ConocoPhillips		7,593			896
Coterra Energy, Inc.		3,201			79
CVR Energy, Inc.		628			20
Delek U.S. Holdings, Inc.		2,702			73
Devon Energy Corp.		4,553			280
Diamondback Energy, Inc.		394			54
Dril-Quip, Inc. (a)		400			11
DT Midstream, Inc.		170			9
EOG Resources, Inc.		608			79
EQT Corp.		899			30
Equitrans Midstream Corp.		1,510			10
Exxon Mobil Corp.		27,157			2,995
Halliburton Co.		1,354			53
Helmerich & Payne, Inc.		1,767			88
Hess Corp.		1,239			176
Kinder Morgan, Inc.		7,401			134
Kosmos Energy Ltd. (a)		2,118			13
Marathon Oil Corp.		16,474			446
Marathon Petroleum Corp.		10,479			1,220
Matador Resources Co.		192			11
Murphy Oil Corp.		2,730			117
Nabors Industries Ltd. (a)		84			13
NOV, Inc.		8,452			177
Occidental Petroleum Corp.		8,977			565
Oceaneering International, Inc. (a)		2,115			37
ONEOK, Inc.		650			43
Ovintiv, Inc.		735			37
Patterson-UTI Energy, Inc.		5,671			95
PBF Energy, Inc. ‘A’		4,626			189
PDC Energy, Inc.		172			11
Peabody Energy Corp. (a)		1,837			48
Permian Resources Corp.		3,423			32
Phillips 66		9,057			943
Pioneer Natural Resources Co.		246			56
Range Resources Corp.		2,161			54
Schlumberger Ltd.		6,376			341
SM Energy Co.		2,546			89
Targa Resources Corp.		1,422			104

	SHARES			MARKET VALUE (000S)
Transocean Ltd. (a)		19,865	$		91
Valero Energy Corp.		10,966			1,391
Williams Cos., Inc.		1,128			37
World Fuel Services Corp.		1,248			34
					14,584
FINANCIALS 11.4%
Affiliated Managers Group, Inc.		327			52
Aflac, Inc.		1,832			132
Allstate Corp.		4,670			633
Ally Financial, Inc.		6,121			150
American Equity Investment Life Holding Co.		899			41
American Express Co.		613			91
American Financial Group, Inc.		124			17
American International Group, Inc.		11,888			752
Ameriprise Financial, Inc.		79			25
Aon PLC ‘A’		657			197
Ares Management Corp.		581			40
Arthur J Gallagher & Co.		728			137
Artisan Partners Asset Management, Inc. ‘A’		350			10
Assurant, Inc.		93			12
Bank of New York Mellon Corp.		5,582			254
Bank OZK		291			12
Berkshire Hathaway, Inc. ‘B’ (a)		1,882			581
Blackstone, Inc.		534			40
Brighthouse Financial, Inc. (a)		1,503			77
Brightsphere Investment Group, Inc.		611			13
Brown & Brown, Inc.		1,142			65
Cadence Bank		552			14
Capital One Financial Corp.		5,625			523
Capitol Federal Financial, Inc.		932			8
Charles Schwab Corp.		1,573			131
Cincinnati Financial Corp.		111			11
Citigroup, Inc.		34,911			1,579
Citizens Financial Group, Inc.		629			25
CME Group, Inc.		864			145
CNO Financial Group, Inc.		2,031			46
Commerce Bancshares, Inc.		201			14
Cullen/Frost Bankers, Inc.		99			13
Discover Financial Services		1,644			161
East West Bancorp, Inc.		244			16
Equitable Holdings, Inc.		716			21
Erie Indemnity Co. ‘A’		121			30
Evercore, Inc. ‘A’		344			37
FactSet Research Systems, Inc.		184			74
Federated Hermes, Inc. ‘B’		808			29
First American Financial Corp.		1,030			54
First Citizens BancShares, Inc. ‘A’		34			26
First Horizon Corp.		1,053			26
FNB Corp.		928			12
Franklin Resources, Inc.		4,630			122
Genworth Financial, Inc. ‘A’ (a)		8,372			44
Glacier Bancorp, Inc.		220			11
Globe Life, Inc.		112			13
Goldman Sachs Group, Inc.		1,244			427
Hanover Insurance Group, Inc.		327			44
Hartford Financial Services Group, Inc.		263			20
Home BancShares, Inc.		517			12
Houlihan Lokey, Inc.		463			40
Huntington Bancshares, Inc.		1,138			16
Interactive Brokers Group, Inc. ‘A’		338			24
Intercontinental Exchange, Inc.		1,452			149

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2022 47

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
Invesco Ltd.		6,888	$		124
Jackson Financial, Inc.		397			14
Jefferies Financial Group, Inc.		966			33
Kemper Corp.		224			11
Lincoln National Corp.		3,358			103
Loews Corp.		1,969			115
LPL Financial Holdings, Inc.		801			173
M&T Bank Corp.		285			41
Markel Corp. (a)		20			26
MarketAxess Holdings, Inc.		53			15
Marsh & McLennan Cos., Inc.		1,925			319
Mercury General Corp.		353			12
MetLife, Inc.		4,611			334
MGIC Investment Corp.		1,112			14
Moelis & Co. ‘A’		248			9
Moody’s Corp.		32			9
Morgan Stanley		1,417			120
Morningstar, Inc.		115			25
MSCI, Inc.		98			46
Nasdaq, Inc.		1,095			67
Navient Corp.		4,164			68
Nelnet, Inc. ‘A’		113			10
New York Community Bancorp, Inc.		3,710			32
OneMain Holdings, Inc.		1,163			39
PacWest Bancorp		731			17
Primerica, Inc.		158			22
Principal Financial Group, Inc.		411			34
ProAssurance Corp.		553			10
Progressive Corp.		2,774			360
Prosperity Bancshares, Inc.		153			11
Prudential Financial, Inc.		4,984			496
Raymond James Financial, Inc.		302			32
Regions Financial Corp.		1,070			23
Reinsurance Group of America, Inc.		118			17
RLI Corp.		208			27
S&P Global, Inc.		110			37
SEI Investments Co.		1,193			70
Selective Insurance Group, Inc.		133			12
SLM Corp.		2,735			45
South State Corp.		141			11
State Street Corp.		388			30
Stewart Information Services Corp.		396			17
Stifel Financial Corp.		176			10
Synchrony Financial		5,945			195
Synovus Financial Corp.		284			11
T Rowe Price Group, Inc.		381			42
Travelers Cos., Inc.		3,164			593
United Bankshares, Inc.		310			13
Unum Group		4,141			170
Valley National Bancorp		965			11
Virtu Financial, Inc. ‘A’		1,290			26
Voya Financial, Inc.		370			23
Washington Federal, Inc.		374			13
Webster Financial Corp.		465			22
Wells Fargo & Co.		38,870			1,605
White Mountains Insurance Group Ltd.		23			33
Wintrust Financial Corp.		129			11
WR Berkley Corp.		324			23
					13,079
HEALTH CARE 17.9%
AbbVie, Inc.		5,460			882
Acadia Healthcare Co., Inc. (a)		180			15

	SHARES			MARKET VALUE (000S)
Agilent Technologies, Inc.		321	$		48
Alnylam Pharmaceuticals, Inc. (a)		303			72
AmerisourceBergen Corp.		550			91
Amgen, Inc.		3,907			1,026
AMN Healthcare Services, Inc. (a)		287			30
Baxter International, Inc.		2,434			124
Becton Dickinson & Co.		1,126			286
Bio-Rad Laboratories, Inc. ‘A’ (a)		53			22
Biogen, Inc. (a)		420			116
BioMarin Pharmaceutical, Inc. (a)		474			49
Boston Scientific Corp. (a)		1,826			84
Bristol-Myers Squibb Co.		12,352			889
Brookdale Senior Living, Inc. (a)		2,240			6
Bruker Corp.		237			16
Cardinal Health, Inc.		8,590			660
Centene Corp. (a)		685			56
Chemed Corp.		118			60
Cigna Corp.		354			117
Cooper Cos., Inc.		143			47
CVS Health Corp.		16,008			1,492
Danaher Corp.		912			242
DaVita, Inc. (a)		1,850			138
Dentsply Sirona, Inc.		1,212			39
Elevance Health, Inc.		1,143			586
Eli Lilly & Co.		2,992			1,095
Encompass Health Corp.		1,228			73
Envista Holdings Corp. (a)		282			9
Exelixis, Inc. (a)		554			9
Gilead Sciences, Inc.		21,970			1,886
Globus Medical, Inc. ‘A’ (a)		357			27
Haemonetics Corp. (a)		324			25
HCA Healthcare, Inc.		303			73
Henry Schein, Inc. (a)		964			77
Hologic, Inc. (a)		2,271			170
Humana, Inc.		381			195
ICU Medical, Inc. (a)		146			23
IDEXX Laboratories, Inc. (a)		29			12
Incyte Corp. (a)		869			70
Ionis Pharmaceuticals, Inc. (a)		260			10
Johnson & Johnson		13,016			2,299
Laboratory Corp. of America Holdings		171			40
LHC Group, Inc. (a)		122			20
Masimo Corp. (a)		201			30
McKesson Corp.		2,490			934
Merck & Co., Inc.		19,553			2,169
Mettler-Toledo International, Inc. (a)		71			103
Moderna, Inc. (a)		82			15
Molina Healthcare, Inc. (a)		393			130
Myriad Genetics, Inc. (a)		836			12
Organon & Co.		6,159			172
Owens & Minor, Inc. (a)		1,586			31
Patterson Cos., Inc.		1,803			51
Pediatrix Medical Group, Inc. (a)		1,143			17
Pfizer, Inc.		31,685			1,624
Premier, Inc. ‘A’		828			29
Quest Diagnostics, Inc.		901			141
Regeneron Pharmaceuticals, Inc. (a)		282			203
ResMed, Inc.		445			93
Royalty Pharma PLC ‘A’		1,521			60
Sarepta Therapeutics, Inc. (a)		240			31
Seagen, Inc. (a)		326			42
Select Medical Holdings Corp.		435			11
STERIS PLC		341			63
Stryker Corp.		336			82

	SHARES			MARKET VALUE (000S)
Teleflex, Inc.		78	$		19
Tenet Healthcare Corp. (a)		2,204			108
United Therapeutics Corp. (a)		811			226
UnitedHealth Group, Inc.		999			530
Universal Health Services, Inc. ‘B’		545			77
Vertex Pharmaceuticals, Inc. (a)		314			91
Viatris, Inc.		13,977			156
Waters Corp. (a)		109			37
West Pharmaceutical Services, Inc.		77			18
Zimmer Biomet Holdings, Inc.		222			28
Zoetis, Inc.		147			22
					20,661
INDUSTRIALS 9.9%
3M Co.		1,804			216
A O Smith Corp.		763			44
AAR Corp. (a)		394			18
ABM Industries, Inc.		911			40
Acuity Brands, Inc.		259			43
AECOM		946			80
Aerojet Rocketdyne Holdings, Inc. (a)		784			44
AGCO Corp.		707			98
Allison Transmission Holdings, Inc.		2,017			84
American Airlines Group, Inc. (a)		8,557			109
AMETEK, Inc.		170			24
Apogee Enterprises, Inc.		294			13
Applied Industrial Technologies, Inc.		110			14
Arcosa, Inc.		294			16
Armstrong World Industries, Inc.		150			10
Atlas Air Worldwide Holdings, Inc. (a)		446			45
Avis Budget Group, Inc. (a)		2,175			357
Boeing Co. (a)		652			124
Boise Cascade Co.		555			38
Booz Allen Hamilton Holding Corp.		1,733			181
BWX Technologies, Inc.		816			47
CACI International, Inc. ‘A’ (a)		246			74
Carlisle Cos., Inc.		85			20
Carrier Global Corp.		831			34
Caterpillar, Inc.		1,027			246
CH Robinson Worldwide, Inc.		1,422			130
Cintas Corp.		159			72
Clean Harbors, Inc. (a)		217			25
Comfort Systems USA, Inc.		108			12
Copart, Inc. (a)		1,267			77
CoreCivic, Inc. (a)		2,794			32
CoStar Group, Inc. (a)		1,032			80
CSX Corp.		4,951			153
Cummins, Inc.		448			109
Curtiss-Wright Corp.		331			55
Deere & Co.		285			122
Deluxe Corp.		417			7
Donaldson Co., Inc.		778			46
Dun & Bradstreet Holdings, Inc.		886			11
Dycom Industries, Inc. (a)		112			11
Eaton Corp. PLC		410			64
EMCOR Group, Inc.		100			15
Emerson Electric Co.		1,417			136
Encore Wire Corp.		267			37
Equifax, Inc.		310			60
Expeditors International of Washington, Inc.		866			90
Fastenal Co.		800			38

48 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2022 (Unaudited)

	SHARES			MARKET VALUE (000S)
Fluor Corp. (a)		4,426	$		153
Fortive Corp.		433			28
Franklin Electric Co., Inc.		132			11
FTI Consulting, Inc. (a)		558			89
GATX Corp.		325			35
Generac Holdings, Inc. (a)		215			22
General Dynamics Corp.		294			73
General Electric Co.		7,743			649
GMS, Inc. (a)		284			14
Graco, Inc.		379			26
Granite Construction, Inc.		617			22
Greenbrier Cos., Inc.		996			33
Hawaiian Holdings, Inc. (a)		1,401			14
Healthcare Services Group, Inc.		1,130			14
HEICO Corp.		176			27
Hexcel Corp.		991			58
Hillenbrand, Inc.		283			12
HNI Corp.		381			11
Honeywell International, Inc.		673			144
Howmet Aerospace, Inc.		1,352			53
Hub Group, Inc. ‘A’ (a)		336			27
Hubbell, Inc.		209			49
Huntington Ingalls Industries, Inc.		96			22
IDEX Corp.		340			78
Illinois Tool Works, Inc.		701			154
Insperity, Inc.		174			20
ITT, Inc.		399			32
JB Hunt Transport Services, Inc.		211			37
JetBlue Airways Corp. (a)		4,922			32
KAR Auction Services, Inc. (a)		2,186			29
KBR, Inc.		1,367			72
Knight-Swift Transportation Holdings, Inc.		1,626			85
L3Harris Technologies, Inc.		1,142			238
Landstar System, Inc.		433			71
Leidos Holdings, Inc.		838			88
Lennox International, Inc.		299			72
Lincoln Electric Holdings, Inc.		466			67
Lockheed Martin Corp.		1,611			784
ManpowerGroup, Inc.		959			80
Masco Corp.		517			24
MasTec, Inc. (a)		151			13
MDU Resources Group, Inc.		2,360			72
MillerKnoll, Inc.		463			10
Moog, Inc. ‘A’		252			22
MSA Safety, Inc.		222			32
MSC Industrial Direct Co., Inc. ‘A’		686			56
Mueller Industries, Inc.		743			44
Nordson Corp.		198			47
Norfolk Southern Corp.		249			61
Northrop Grumman Corp.		936			511
NOW, Inc. (a)		1,427			18
Oshkosh Corp.		646			57
Otis Worldwide Corp.		810			63
Owens Corning		579			49
PACCAR, Inc.		511			51
Parker-Hannifin Corp.		157			46
Parsons Corp. (a)		250			12
Pitney Bowes, Inc.		2,353			9
Primoris Services Corp.		452			10
Quanta Services, Inc.		969			138
Raytheon Technologies Corp.		1,597			161
Republic Services, Inc.		964			124
Resideo Technologies, Inc. (a)		1,290			21
Robert Half International, Inc.		448			33

	SHARES			MARKET VALUE (000S)
Rollins, Inc.		1,682	$		61
Rush Enterprises, Inc. ‘A’		486			25
Ryder System, Inc.		1,002			84
Schneider National, Inc. ‘B’		714			17
SkyWest, Inc. (a)		449			7
Snap-on, Inc.		142			32
Spirit AeroSystems Holdings, Inc. ‘A’		2,060			61
Steelcase, Inc. ‘A’		1,274			9
Stericycle, Inc. (a)		638			32
Terex Corp.		1,528			65
Tetra Tech, Inc.		92			13
Textron, Inc.		346			25
Timken Co.		713			50
Toro Co.		1,147			130
TransDigm Group, Inc.		79			50
Trinity Industries, Inc.		1,195			35
U-Haul Holding Co.		665			38
Uber Technologies, Inc. (a)		1,652			41
UFP Industries, Inc.		532			42
UniFirst Corp.		157			30
Union Pacific Corp.		1,764			365
United Airlines Holdings, Inc. (a)		932			35
United Parcel Service, Inc. ‘B’		2,957			514
United Rentals, Inc. (a)		82			29
Univar Solutions, Inc. (a)		584			19
Valmont Industries, Inc.		39			13
Verisk Analytics, Inc.		810			143
Wabtec Corp.		310			31
Waste Connections, Inc.		877			116
Waste Management, Inc.		1,697			266
Watsco, Inc.		427			107
Werner Enterprises, Inc.		1,203			48
WESCO International, Inc. (a)		1,040			130
Woodward, Inc.		124			12
WW Grainger, Inc.		124			69
Xylem, Inc.		434			48
					11,402
INFORMATION TECHNOLOGY 9.4%
Akamai Technologies, Inc. (a)		475			40
Amdocs Ltd.		1,100			100
Amkor Technology, Inc.		1,161			28
Amphenol Corp. ‘A’		644			49
Analog Devices, Inc.		455			75
Ansys, Inc. (a)		126			30
Apple, Inc.		3,553			462
Applied Materials, Inc.		1,090			106
Arista Networks, Inc. (a)		567			69
Arrow Electronics, Inc. (a)		1,274			133
Autodesk, Inc. (a)		684			128
Automatic Data Processing, Inc.		892			213
Avnet, Inc.		2,212			92
Belden, Inc.		498			36
Black Knight, Inc. (a)		508			31
Bread Financial Holdings, Inc.		1,747			66
Broadcom, Inc.		233			130
Broadridge Financial Solutions, Inc.		787			106
Cadence Design Systems, Inc. (a)		332			53
CDW Corp.		251			45
Cirrus Logic, Inc. (a)		292			22
Cisco Systems, Inc.		10,279			490
CommScope Holding Co., Inc. (a)		1,547			11
Corning, Inc.		11,496			367

	SHARES			MARKET VALUE (000S)
CSG Systems International, Inc.		290	$		17
Dell Technologies, Inc. ‘C’		68			3
Dolby Laboratories, Inc. ‘A’		252			18
Dropbox, Inc. (a)		584			13
DXC Technology Co. (a)		2,840			75
Fair Isaac Corp. (a)		121			72
First Solar, Inc. (a)		263			39
Fiserv, Inc. (a)		683			69
FleetCor Technologies, Inc. (a)		133			24
Flex Ltd. (a)		3,302			71
Fortinet, Inc. (a)		804			39
Gartner, Inc. (a)		255			86
Gen Digital, Inc.		5,022			108
Genpact Ltd.		1,204			56
Global Payments, Inc.		274			27
GoDaddy, Inc. ‘A’ (a)		282			21
Hewlett Packard Enterprise Co.		32,459			518
HP, Inc.		3,846			103
Insight Enterprises, Inc. (a)		239			24
International Business Machines Corp.		12,859			1,812
Intuit, Inc.		60			23
Jabil, Inc.		1,896			129
Jack Henry & Associates, Inc.		680			119
Juniper Networks, Inc.		8,990			287
KLA Corp.		287			108
Kyndryl Holdings, Inc. (a)		6,370			71
Lam Research Corp.		118			50
Manhattan Associates, Inc. (a)		109			13
Mastercard, Inc. ‘A’		1,294			450
MAXIMUS, Inc.		756			55
Microchip Technology, Inc.		586			41
Motorola Solutions, Inc.		359			93
National Instruments Corp.		656			24
NCR Corp. (a)		1,251			29
NetApp, Inc.		395			24
NetScout Systems, Inc. (a)		1,147			37
ON Semiconductor Corp. (a)		699			44
Oracle Corp.		11,814			966
OSI Systems, Inc. (a)		142			11
Palo Alto Networks, Inc. (a)		730			102
Paychex, Inc.		1,129			131
Plexus Corp. (a)		217			22
PTC, Inc. (a)		250			30
Pure Storage, Inc. ‘A’ (a)		489			13
QUALCOMM, Inc.		1,838			202
Roper Technologies, Inc.		125			54
Sanmina Corp. (a)		719			41
Science Applications International Corp.		275			31
Seagate Technology Holdings PLC		565			30
Skyworks Solutions, Inc.		199			18
Splunk, Inc. (a)		424			37
Super Micro Computer, Inc. (a)		432			35
Synaptics, Inc. (a)		246			23
Synopsys, Inc. (a)		217			69
Teledyne Technologies, Inc. (a)		169			68
Teradata Corp. (a)		658			22
Teradyne, Inc.		563			49
Texas Instruments, Inc.		1,941			321
TTM Technologies, Inc. (a)		748			11
Tyler Technologies, Inc. (a)		34			11
VeriSign, Inc. (a)		102			21
Visa, Inc. ‘A’		2,609			542
Vishay Intertechnology, Inc.		2,774			60

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2022 49

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
VMware, Inc. ‘A’ (a)		217	$		27
Western Digital Corp. (a)		2,760			87
Western Union Co.		1,693			23
WEX, Inc. (a)		104			17
Wolfspeed, Inc. (a)		239			17
Xerox Holdings Corp.		3,270			48
					10,813
MATERIALS 3.7%
Air Products & Chemicals, Inc.		244			75
Albemarle Corp.		293			64
Alcoa Corp.		3,104			141
AptarGroup, Inc.		536			59
Arconic Corp. (a)		1,502			32
Ashland, Inc.		88			9
ATI, Inc. (a)		636			19
Avery Dennison Corp.		359			65
Axalta Coating Systems Ltd. (a)		1,258			32
Ball Corp.		902			46
Berry Global Group, Inc.		1,005			61
Cabot Corp.		673			45
Carpenter Technology Corp.		514			19
Celanese Corp.		211			22
CF Industries Holdings, Inc.		336			29
Chemours Co.		1,224			38
Commercial Metals Co.		1,674			81
Compass Minerals International, Inc.		272			11
Corteva, Inc.		1,308			77
Crown Holdings, Inc.		865			71
Dow, Inc.		634			32
DuPont de Nemours, Inc.		5,487			377
Eastman Chemical Co.		308			25
Ecolab, Inc.		199			29
FMC Corp.		216			27
Freeport-McMoRan, Inc.		1,405			53
Graphic Packaging Holding Co.		5,554			124
Greif, Inc. ‘A’		414			28
Huntsman Corp.		298			8
Innospec, Inc.		141			15
International Flavors & Fragrances, Inc.		510			53
International Paper Co.		1,194			41
Kaiser Aluminum Corp.		144			11
Louisiana-Pacific Corp.		796			47
LyondellBasell Industries NV ‘A’		4,159			345
Mosaic Co.		10,116			444
NewMarket Corp.		51			16
Newmont Corp.		1,850			87
Nucor Corp.		1,410			186
O-I Glass, Inc. (a)		3,262			54
Olin Corp.		1,862			99
Packaging Corp. of America		120			15
PPG Industries, Inc.		345			43
Reliance Steel & Aluminum Co.		872			177
Royal Gold, Inc.		326			37
RPM International, Inc.		1,425			139
Scotts Miracle-Gro Co.		332			16
Sealed Air Corp.		2,110			105
Sensient Technologies Corp.		308			22
Sherwin-Williams Co.		333			79
Silgan Holdings, Inc.		1,041			54
Sonoco Products Co.		1,288			78
Steel Dynamics, Inc.		834			82
Stepan Co.		117			12

	SHARES			MARKET VALUE (000S)
Sylvamo Corp.		927	$		45
United States Steel Corp.		2,423			61
Warrior Met Coal, Inc.		1,716			59
WestRock Co.		5,038			177
Worthington Industries, Inc.		250			12
					4,310
REAL ESTATE 0.0%
Anywhere Real Estate, Inc. (a)		2,483			16
DigitalBridge Group, Inc.		2,223			24
					40
UTILITIES 2.1%
AES Corp.		3,345			96
Alliant Energy Corp.		374			21
Ameren Corp.		417			37
American Electric Power Co., Inc.		1,184			112
Atmos Energy Corp.		240			27
Avista Corp.		949			42
CenterPoint Energy, Inc.		1,023			31
Clearway Energy, Inc. ‘C’		820			26
CMS Energy Corp.		471			30
Consolidated Edison, Inc.		428			41
Dominion Energy, Inc.		1,536			94
DTE Energy Co.		275			32
Duke Energy Corp.		782			81
Edison International		621			40
Entergy Corp.		702			79
Essential Utilities, Inc.		398			19
Evergy, Inc.		815			51
Eversource Energy		409			34
Exelon Corp.		12,506			541
FirstEnergy Corp.		931			39
Hawaiian Electric Industries, Inc.		611			26
IDACORP, Inc.		88			10
National Fuel Gas Co.		854			54
NextEra Energy, Inc.		2,127			178
NiSource, Inc.		661			18
NRG Energy, Inc.		712			23
OGE Energy Corp.		353			14
Ormat Technologies, Inc.		217			19
PG&E Corp. (a)		2,182			35
Pinnacle West Capital Corp.		150			11
PNM Resources, Inc.		238			12
PPL Corp.		1,155			34
Public Service Enterprise Group, Inc.		1,794			110
Sempra Energy		410			63
Southern Co.		1,124			80
Southwest Gas Holdings, Inc.		215			13
Vistra Corp.		6,784			157
WEC Energy Group, Inc.		367			34
Xcel Energy, Inc.		637			45
					2,409
Total United States					111,086
Total Common Stocks (Cost $99,057)					111,866
REAL ESTATE INVESTMENT TRUSTS 2.6%
UNITED STATES 2.6%
FINANCIALS 0.4%
AGNC Investment Corp.		4,427			46
Annaly Capital Mangaement, Inc.		2,510			53

	SHARES			MARKET VALUE (000S)
Apollo Commercial Real Estate Finance, Inc.		1,251	$		13
Blackstone Mortgage Trust, Inc. ‘A’		1,729			36
Chimera Investment Corp.		6,301			35
Ladder Capital Corp. REIT		1,273			13
MFA Financial, Inc.		2,500			25
New York Mortgage Trust, Inc.		3,555			9
PennyMac Mortgage Investment Trust		3,449			43
Redwood Trust, Inc.		1,872			13
Rithm Capital Corp.		9,395			77
Starwood Property Trust, Inc.		3,053			56
Two Harbors Investment Corp.		1,866			29
					448
REAL ESTATE 2.2%
Agree Realty Corp.		129			9
Alexander & Baldwin, Inc.		688			13
American Homes 4 Rent ‘A’		1,180			36
American Tower Corp.		328			70
Americold Realty Trust, Inc.		1,288			36
Apple Hospitality REIT, Inc.		3,149			50
Brixmor Property Group, Inc.		523			12
Camden Property Trust		552			62
Corporate Office Properties Trust		1,221			32
Crown Castle, Inc.		696			94
CubeSmart		966			39
DiamondRock Hospitality Co.		1,763			14
Digital Realty Trust, Inc.		352			35
Douglas Emmett, Inc.		759			12
EastGroup Properties, Inc.		146			22
Elme Communities		730			13
Equinix, Inc.		133			87
Equity Commonwealth		851			21
Equity LifeStyle Properties, Inc.		600			39
Extra Space Storage, Inc.		436			64
First Industrial Realty Trust, Inc.		557			27
Gaming & Leisure Properties, Inc.		2,149			112
Healthcare Realty Trust, Inc.		2,212			43
Host Hotels & Resorts, Inc.		3,300			53
Invitation Homes, Inc.		2,521			75
Iron Mountain, Inc.		1,410			70
Kilroy Realty Corp.		735			28
Kimco Realty Corp.		2,699			57
Kite Realty Group Trust		708			15
Lamar Advertising Co. ‘A’		453			43
Life Storage, Inc.		404			40
LXP Industrial Trust		1,903			19
Macerich Co.		3,744			42
National Retail Properties, Inc.		306			14
Office Properties Income Trust		599			8
Omega Healthcare Investors, Inc.		825			23
Outfront Media, Inc.		1,003			17
Paramount Group, Inc.		3,495			21
Park Hotels & Resorts, Inc.		4,803			57
Physicians Realty Trust		1,397			20
Piedmont Office Realty Trust, Inc. ‘A’		1,417			13
Prologis, Inc.		476			54
Public Storage		415			116
Rayonier, Inc.		923			30
Realty Income Corp.		691			44
Regency Centers Corp.		855			53
RLJ Lodging Trust		2,958			31
Ryman Hospitality Properties, Inc.		259			21
SBA Communications Corp.		134			38
Service Properties Trust		3,597			26

50 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2022 (Unaudited)

	SHARES			MARKET VALUE (000S)
Simon Property Group, Inc.		452	$		53
SITE Centers Corp.		1,760			24
SL Green Realty Corp.		251			9
Spirit Realty Capital, Inc.		238			10
STORE Capital Corp.		449			14
Sun Communities, Inc.		352			50
Sunstone Hotel Investors, Inc.		1,594			15
Tanger Factory Outlet Centers, Inc.		637			11
UDR, Inc.		1,432			55
Ventas, Inc.		400			18
Veris Residential, Inc. (a)		893			14
VICI Properties, Inc.		3,820			124
WP Carey, Inc.		1,433			112
Xenia Hotels & Resorts, Inc.		946			13
					2,492
Total Real Estate Investment Trusts (Cost $3,062)					2,940

		MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 0.6%
REPURCHASE AGREEMENTS (b) 0.6%
	$		709
Total Short-Term Instruments (Cost $709)			709
Total Investments in Securities (Cost $102,828)			115,515
Total Investments 100.3% (Cost $102,828)	$		115,515
Other Assets and Liabilities, net (0.3)%			(319	)
Net Assets 100.0%	$		115,196

NOTES TO SCHEDULE OF INVESTMENTS:    

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Security did not produce income within the last twelve months.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(b)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to  be Received(1)
FICC		1.900	%		12/30/2022		01/03/2023	$	709	U.S. Treasury Bills 0.000% due 12/28/2023	$	(724	)	$	709	$	709
Total Repurchase Agreements											$	(724	)	$	709	$	709

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:

Counterparty	Repurchase Agreement Proceeds to  be Received(1)		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure(2)
Global/Master Repurchase Agreement
FICC	$	709	$	0	$	0	$	709	$	(724	)	$	(15	)
Total Borrowings and Other Financing Transactions	$	709	$	0	$	0

⁽¹⁾ Includes accrued interest.

⁽²⁾ Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2022
Investments in Securities, at Value
Common Stocks
Ireland
Information Technology	$	139	$	0	$	0	$	139
Switzerland
Financials		82		0		0		82

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2022
United Kingdom
Communication Services	$	139	$	0	$	0	$	139
Energy		44		0		0		44
Financials		109		0		0		109
Industrials		65		0		0		65
Materials		202		0		0		202

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2022 51

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (Cont.) December 31, 2022 (Unaudited)

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2022
United States
Communication Services	$	5,559	$	0	$	0	$	5,559
Consumer Discretionary		11,500		0		0		11,500
Consumer Staples		16,729		0		0		16,729
Energy		14,584		0		0		14,584
Financials		13,079		0		0		13,079
Health Care		20,661		0		0		20,661
Industrials		11,402		0		0		11,402
Information Technology		10,813		0		0		10,813
Materials		4,310		0		0		4,310
Real Estate		40		0		0		40
Utilities		2,409		0		0		2,409

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2022
Real Estate Investment Trusts
United States
Financials	$	448	$	0	$	0	$	448
Real Estate		2,492		0		0		2,492
Short-Term Instruments
Repurchase Agreements		0		709		0		709
Total Investments	$	114,806	$	709	$	0	$	115,515

There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

52 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO RAFI ESG U.S. ETF December 31, 2022 (Unaudited)

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.7%
COMMON STOCKS 98.2%
IRELAND 0.6%
INFORMATION TECHNOLOGY 0.6%
Accenture PLC ‘A’		609	$		162
Total Ireland					162
UNITED KINGDOM 0.9%
COMMUNICATION SERVICES 0.2%
Liberty Global PLC ‘C’ (a)		1,839			36
MATERIALS 0.7%
Amcor PLC		1,850			22
Linde PLC		541			176
					198
Total United Kingdom					234
UNITED STATES 96.7%
COMMUNICATION SERVICES 8.9%
AT&T, Inc.		47,991			884
Comcast Corp. ‘A’		8,012			280
Electronic Arts, Inc.		497			61
Lumen Technologies, Inc.		5,370			28
Meta Platforms, Inc. ‘A’ (a)		2,910			350
Omnicom Group, Inc.		82			7
Verizon Communications, Inc.		16,456			648
Walt Disney Co. (a)		2,531			220
					2,478
CONSUMER DISCRETIONARY 7.5%
Adient PLC (a)		576			20
Bed Bath & Beyond, Inc. (a)		2,159			5
Best Buy Co., Inc.		1,308			105
Dollar General Corp.		287			71
eBay, Inc.		2,307			96
Foot Locker, Inc.		490			18
Ford Motor Co.		18,817			219
Gap, Inc.		2,843			32
General Motors Co.		9,795			329
Genuine Parts Co.		111			19
Goodyear Tire & Rubber Co. (a)		3,086			31
Hilton Worldwide Holdings, Inc.		163			21
Home Depot, Inc.		996			315
Kohl’s Corp.		343			9
Lear Corp.		248			31
LKQ Corp.		59			3
Lowe’s Cos., Inc.		905			180
Macy’s, Inc.		514			11
Marriott International, Inc. ‘A’		297			44
Mohawk Industries, Inc. (a)		48			5
Newell Brands, Inc.		874			11
NIKE, Inc. ‘B’		958			112
PVH Corp.		424			30
Target Corp.		1,226			183
TJX Cos., Inc.		1,527			122
VF Corp.		1,126			31
Whirlpool Corp.		320			45
					2,098
CONSUMER STAPLES 7.6%
Archer-Daniels-Midland Co.		1,625			151

	SHARES			MARKET VALUE (000S)
Campbell Soup Co.		325	$		18
Church & Dwight Co., Inc.		58			5
Clorox Co.		239			33
Coca-Cola Co.		4,747			302
Colgate-Palmolive Co.		1,294			102
Conagra Brands, Inc.		975			38
General Mills, Inc.		1,115			93
Hershey Co.		76			18
Ingredion, Inc.		256			25
J M Smucker Co.		271			43
Kellogg Co.		530			38
Keurig Dr Pepper, Inc.		226			8
Kimberly-Clark Corp.		668			91
Kraft Heinz Co.		1,783			73
Kroger Co.		1,477			66
Molson Coors Beverage Co. ‘B’		222			11
Mondelez International, Inc. ‘A’		1,993			133
PepsiCo, Inc.		446			81
Procter & Gamble Co.		4,376			663
Sysco Corp.		984			75
Tyson Foods, Inc. ‘A’		683			42
					2,109
FINANCIALS 15.0%
Aflac, Inc.		1,289			93
Allstate Corp.		787			107
American Express Co.		899			133
Ameriprise Financial, Inc.		219			68
Bank of America Corp.		17,546			581
Bank of New York Mellon Corp.		2,823			128
BlackRock, Inc.		166			118
Citigroup, Inc.		14,086			637
Equitable Holdings, Inc.		1,164			33
Goldman Sachs Group, Inc.		659			226
Hartford Financial Services Group, Inc.		773			59
JPMorgan Chase & Co.		6,007			805
Lincoln National Corp.		700			21
Marsh & McLennan Cos., Inc.		17			3
MetLife, Inc.		1,783			129
Moody’s Corp.		67			19
PNC Financial Services Group, Inc.		184			29
Principal Financial Group, Inc.		497			42
Prudential Financial, Inc.		1,530			152
S&P Global, Inc.		208			70
State Street Corp.		827			64
U.S. Bancorp		912			40
Wells Fargo & Co.		15,304			632
					4,189
HEALTH CARE 22.9%
Abbott Laboratories		1,932			212
Agilent Technologies, Inc.		267			40
AmerisourceBergen Corp.		216			36
Amgen, Inc.		638			168
Baxter International, Inc.		1,108			56
Becton Dickinson & Co.		333			85
Biogen, Inc. (a)		570			158
Boston Scientific Corp. (a)		1,338			62
Bristol-Myers Squibb Co.		4,647			334
Cardinal Health, Inc.		1,433			110
Cigna Corp.		942			312
CVS Health Corp.		5,156			481
DaVita, Inc. (a)		339			25

	SHARES			MARKET VALUE (000S)
Edwards Lifesciences Corp. (a)		286	$		21
Elevance Health, Inc.		650			333
Eli Lilly & Co.		469			172
Embecta Corp.		66			2
Gilead Sciences, Inc.		3,287			282
Henry Schein, Inc. (a)		56			4
Humana, Inc.		377			193
Illumina, Inc. (a)		149			30
Intuitive Surgical, Inc. (a)		127			34
Johnson & Johnson		5,424			958
Laboratory Corp. of America Holdings		127			30
McKesson Corp.		368			138
Merck & Co., Inc.		5,966			662
Pfizer, Inc.		13,483			691
Quest Diagnostics, Inc.		340			53
Regeneron Pharmaceuticals, Inc. (a)		105			76
UnitedHealth Group, Inc.		1,137			603
Waters Corp. (a)		85			29
Zimvie, Inc. (a)		205			2
					6,392
INDUSTRIALS 4.6%
3M Co.		1,762			211
Carrier Global Corp.		1,000			41
Cummins, Inc.		560			136
Deere & Co.		224			96
Dover Corp.		204			28
FedEx Corp.		550			95
Fortune Brands Innovations, Inc.		100			6
Illinois Tool Works, Inc.		381			84
Johnson Controls International PLC		1,860			119
ManpowerGroup, Inc.		419			35
Masterbrand, Inc. (a)		100			1
Otis Worldwide Corp.		123			10
Owens Corning		397			34
Republic Services, Inc.		237			30
Rockwell Automation, Inc.		148			38
Stanley Black & Decker, Inc.		350			26
United Parcel Service, Inc. ‘B’		763			133
United Rentals, Inc. (a)		124			44
Waste Management, Inc.		501			79
WW Grainger, Inc.		78			43
					1,289
INFORMATION TECHNOLOGY 27.3%
Adobe, Inc. (a)		322			108
Akamai Technologies, Inc. (a)		62			5
Amdocs Ltd.		276			25
Analog Devices, Inc.		393			64
Apple, Inc.		9,508			1,235
Applied Materials, Inc.		1,353			132
Arrow Electronics, Inc. (a)		321			34
Automatic Data Processing, Inc.		396			95
Avnet, Inc.		735			31
Bread Financial Holdings, Inc.		322			12
Broadcom, Inc.		139			78
Cadence Design Systems, Inc. (a)		146			23
CDW Corp.		164			29
Cisco Systems, Inc.		15,513			739
Cognizant Technology Solutions Corp. ‘A’		1,039			59
Corning, Inc.		1,825			58
Dell Technologies, Inc. ‘C’		386			15

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2022 53

Schedule of Investments PIMCO RAFI ESG U.S. ETF (Cont.) December 31, 2022 (Unaudited)

	SHARES			MARKET VALUE (000S)
DXC Technology Co. (a)		1,210	$		32
Fidelity National Information Services, Inc.		676			46
Fiserv, Inc. (a)		136			14
Flex Ltd. (a)		1,773			38
Gen Digital, Inc.		1,682			36
Hewlett Packard Enterprise Co.		10,706			171
HP, Inc.		4,305			116
Intel Corp.		27,696			732
International Business Machines Corp.		3,250			458
Juniper Networks, Inc.		1,431			46
Lam Research Corp.		150			63
Marvell Technology, Inc.		306			11
Mastercard, Inc. ‘A’		421			146
Micron Technology, Inc.		3,128			156
Microsoft Corp.		5,495			1,318
Motorola Solutions, Inc.		173			45
NetApp, Inc.		776			47
ON Semiconductor Corp. (a)		513			32
Oracle Corp.		4,572			374
Paychex, Inc.		24			3
QUALCOMM, Inc.		2,305			253
salesforce.com, Inc. (a)		618			82
Seagate Technology Holdings PLC		1,068			56
Skyworks Solutions, Inc.		83			8
TE Connectivity Ltd.		449			52
Texas Instruments, Inc.		1,265			209
Visa, Inc. ‘A’		1,063			221
VMware, Inc. ‘A’ (a)		239			29
Western Digital Corp. (a)		1,809			57
Western Union Co.		917			13
Xerox Holdings Corp.		1,962			29
					7,635

	SHARES			MARKET VALUE (000S)
MATERIALS 2.4%
CF Industries Holdings, Inc.		73	$		6
Dow, Inc.		1,962			99
DuPont de Nemours, Inc.		2,385			164
Eastman Chemical Co.		463			38
Ecolab, Inc.		411			60
International Flavors & Fragrances, Inc.		172			18
International Paper Co.		1,359			47
Mosaic Co.		684			30
Newmont Corp.		1,719			81
Packaging Corp. of America		182			23
PPG Industries, Inc.		567			71
Sherwin-Williams Co.		139			33
WestRock Co.		346			12
					682
REAL ESTATE 0.2%
CBRE Group, Inc. ‘A’ (a)		520			40
Jones Lang LaSalle, Inc. (a)		141			22
					62
UTILITIES 0.3%
American Water Works Co., Inc.		239			37
Edison International		885			56
					93
Total United States					27,027
Total Common Stocks (Cost $28,736)					27,423

	��	SHARES			MARKET VALUE (000S)
REAL ESTATE INVESTMENT TRUSTS 1.5%
UNITED STATES 1.5%
REAL ESTATE 1.5%
American Tower Corp.			181	$		38
AvalonBay Communities, Inc.			145			23
Crown Castle, Inc.			127			17
Equinix, Inc.			54			35
Equity Residential			452			27
Essex Property Trust, Inc.			69			15
Healthpeak Properties, Inc.			920			23
Host Hotels & Resorts, Inc.			2,169			35
Iron Mountain, Inc.			719			36
Mid-America Apartment Communities, Inc.			23			4
Ventas, Inc.			1,155			52
Welltower, Inc.			869			57
Weyerhaeuser Co.			2,161			67
						429
Total Real Estate Investment Trusts (Cost $503)						429
Total Investments in Securities (Cost $29,239)						27,852
Total Investments 99.7% (Cost $29,239)				$		27,852
Other Assets and Liabilities, net 0.3%						87
Net Assets 100.0%				$		27,939

NOTES TO SCHEDULE OF INVESTMENTS:

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Security did not produce income within the last twelve months.

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2022
Investments in Securities, at Value
Common Stocks
Ireland
Information Technology	$	162	$	0	$	0	$	162
United Kingdom
Communication Services		36		0		0		36
Materials		198		0		0		198
United States
Communication Services		2,478		0		0		2,478
Consumer Discretionary		2,098		0		0		2,098
Consumer Staples		2,109		0		0		2,109
Financials		4,189		0		0		4,189

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2022
Health Care	$	6,392	$	0	$	0	$	6,392
Industrials		1,289		0		0		1,289
Information Technology		7,635		0		0		7,635
Materials		682		0		0		682
Real Estate		62		0		0		62
Utilities		93		0		0		93
Real Estate Investment Trusts
United States
Real Estate		429		0		0		429
Total Investments	$	27,852	$	0	$	0	$	27,852

There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

54 PIMCO EQUITY SERIES See Accompanying Notes

Notes to Financial Statements December 31, 2022 (Unaudited)

1. ORGANIZATION

PIMCO Equity Series (the “Trust”) was established as a Delaware statutory trust on March 30, 2010. The Trust is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. Information presented in these financial statements pertains to the funds (each a “Fund” and collectively the “Funds”) indicated on the cover of this report. Pacific Investment Management Company LLC (“PIMCO” or “Manager”) serves as the investment adviser for the Funds. Prior to August 12, 2022, Parametric Portfolio Associates LLC (“Parametric” or “Sub-Adviser”) served as the sub-adviser to each Fund.

Each Fund is an exchange-traded fund (“ETF”). ETFs are funds that trade like other publicly-traded securities and may be designed to track an index or to be actively managed. Unlike shares of a mutual fund, which can be bought from and redeemed by the issuing fund by all shareholders at a price based on net asset value (“NAV”), shares of a Fund may be directly purchased from and redeemed by a Fund at NAV solely by certain large institutional investors. Also unlike shares of a mutual fund, shares of each Fund are listed on a national securities exchange and trade in the secondary market at market prices that change throughout the day. Each Fund offers and issues shares only in aggregations of a specified number of shares (“Creation Units”).

Hereinafter, the Board of Trustees of the Funds shall be collectively referred to as the “Board.”

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Each Fund is treated as an investment company under the reporting requirements of U.S. GAAP. The functional and reporting currency for the Funds is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is

recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as a Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statements of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statements of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statements of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable.

(b) Foreign Currency Translation  The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Funds do not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Statements of Operations. The Funds may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest and foreign withholding taxes and the

SEMIANNUAL REPORT | DECEMBER 31, 2022 55

Notes to Financial Statements (Cont.)

U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Statements of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Statements of Operations.

(c) Distributions to Shareholders  The following table shows the anticipated frequency of distributions from net investment income, if any, for each Fund.

	Distribution Frequency
Fund Name	Declared		Distributed
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF		Quarterly		Quarterly
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		Quarterly		Quarterly
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		Quarterly		Quarterly
PIMCO RAFI ESG U.S. ETF		Quarterly		Quarterly

In addition, each Fund distributes any net capital gains it earns from the sale of portfolio securities to shareholders no less frequently than annually. Net short-term capital gains may be paid more frequently. The Trust does not provide an automatic dividend and/or distributions reinvestment service. A Fund may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on each Fund’s annual financial statements presented under U.S. GAAP.

Separately, if a Fund determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable), and accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, a Fund determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular

distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between a Fund’s daily internal accounting records and practices, a Fund’s financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, a Fund’s internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for certain Funds, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that a Fund may not issue a Section 19 Notice in situations where the Fund’s financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution’s tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at a Fund’s fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statements of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statements of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(d) New Accounting Pronouncements and Regulatory Updates  In March 2020, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”), ASU 2020-04, which provides optional guidance to ease the potential accounting burden associated with transitioning away from the London Interbank Offered Rate and other reference rates that are expected to be discontinued. ASU 2020-04 is effective for certain reference rate-related contract modifications that occurred during the period March 12, 2020 through December 31, 2022. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. In December 2022, FASB issued ASU 2022-06, which includes amendments to extend the duration of the LIBOR transition relief to December 31, 2024, after which entities will no longer be permitted to apply the reference rate reform relief. Management is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Funds’ investments and has determined that it is unlikely the ASU’s adoption will have a material impact on the Funds’ financial statements.

56 PIMCO EQUITY SERIES

December 31, 2022 (Unaudited)

In October 2020, the U.S. Securities and Exchange Commission (“SEC”) adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, the rule requires funds that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. The effective date for the rule was February 19, 2021. The compliance date for the new rule and the related reporting requirements was August 19, 2022. Management has implemented changes in connection with the rule and has determined that there is no material impact to the Funds’ financial statements.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines “readily available market quotations” for purposes of the definition of “value” under the Act, and the SEC noted that this definition would apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022. Management has implemented changes in connection with the rule and has determined that there is no material impact to the Funds’ financial statements.

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820), which affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The effective date for the amendments in ASU 2022-03 is for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. At this time, management is evaluating the implications of these changes on the financial statements.

In October 2022, the SEC adopted changes to the mutual fund and ETF shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will change the disclosures provided to shareholders. The rule is effective as of January 24, 2023, but the SEC is providing an 18-month compliance period after the effective date other than for rule amendments addressing fee and expense information in advertisements that might be materially misleading. At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies  The NAV of the Funds’ shares, or each of their respective share classes as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Funds or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange (“NYSE”) is open, the Funds’ shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) (“NYSE Close”). Information that becomes known to the Funds or their agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, each Fund may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. Each Fund generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, each Fund may calculate its NAV as of the NYSE Close for such day or such other time that the Funds may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Funds will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange, or the NYSE Close, if the NYSE Close occurs before the end of trading on the foreign exchange.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee (“Valuation Designee”) for each Fund to perform the fair value determination

SEMIANNUAL REPORT | DECEMBER 31, 2022 57

Notes to Financial Statements (Cont.)

relating to all Fund investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee’s policies and procedures govern the Valuation Designee’s selection and application of methodologies for determining and calculating the fair value of Fund investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, “Pricing Sources”).

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives, and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of a Fund’s assets that are invested in one or more open-end management investment companies (other than ETFs), the Fund’s NAV will be calculated based on the NAVs of such investments. Open-end management investment companies may include affiliated funds.

If a foreign (non-U.S.) equity security’s value has materially changed after the close of the security’s primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, a Fund may determine the fair value of investments based on information provided by Pricing Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. A Fund may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument (“zero trigger”) between the earlier close of the applicable foreign market and the NYSE Close may

be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in a Fund’s portfolio investments being affected when shareholders are unable to buy or sell shares.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments and, in turn, the NAV of a Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Trust is not open for business. As a result, to the extent that a Fund holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in the Fund’s next calculated NAV.

Fair valuation may require subjective determinations about the value of a security. While the Trust’s and Valuation Designee’s policies and procedures are intended to result in a calculation of a Fund’s NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that a Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a Fund may differ from the value that would be realized if the securities were sold. The Funds’ use of fair valuation may also help to deter “stale price arbitrage” as discussed under the “Abusive Trading Practices” section in each Fund’s prospectus.

(b) Fair Value Hierarchy  U.S. GAAP describes fair value as the price that a Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2, or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2, and 3 of the fair value hierarchy are defined as follows:

^∎  Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

^∎  Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets

58 PIMCO EQUITY SERIES

December 31, 2022 (Unaudited)

or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

^∎  Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for each respective Fund.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between Levels of a Fund’s assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy, and if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for each respective Fund.

(c) Valuation Techniques and the Fair Value Hierarchy

Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value  The valuation methods (or “techniques”) and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1

provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities and non-U.S. bonds are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources’ internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or pricing sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

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Notes to Financial Statements (Cont.)

Equity-linked securities are valued by referencing the last reported sale or settlement price of the linked referenced equity on the day of valuation. Foreign exchange adjustments are applied to the last reported price to convert the linked equity’s trading currency to the contract’s settling currency. These investments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and

options contracts derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indices, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indices, reference rates, and other inputs

or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, LIBOR forward rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

Short-term debt instruments (such as commercial paper) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

When a fair valuation method is applied by the Adviser that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

Each Fund eligible to participate in securities lending may invest the cash collateral received for securities out on loan in the PIMCO Government Money Market Fund under the Securities Lending Agreement. All or a portion of Dividend Income as shown in the table below represents the income earned on the cash collateral invested in PIMCO Government Money Market Fund and is included on the Statements of Operations as a component of Securities Lending Income. PIMCO Government Money Market Fund is considered to be affiliated with the Funds. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC’s website at www.sec.gov. A copy of each affiliate fund’s shareholder report is also available at the SEC’s website at www.sec.gov, on the Funds’ website at www.pimco.com, or upon request, as applicable. The table below shows the Funds’ transactions in and earnings from investments in the affiliated Fund for the period ended December 31, 2022 (amounts in thousands^†):

Investments in PIMCO Government Money Market Fund
Fund Name	Market Value 06/30/2022		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Market Value 12/31/2022		Dividend Income(1)		Realized Net Capital  Gain Distributions(1)
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	$	72	$	86	$	(152	)	$	0	$	0	$	6	$	0	$	0
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		1,189		3,369		(4,558	)		0		0		0		3		0
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		25		283		(308	)		0		0		0		0		0

^†  A zero balance may reflect actual amounts rounding to less than one thousand.

⁽¹⁾  The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

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(b) Investments in Securities

The Funds may utilize the investments and strategies described below to the extent permitted by each Fund’s respective investment policies.

Real Estate Investment Trusts  (“REITs”) are pooled investment vehicles that own, and typically operate, income-producing real estate. If a REIT meets certain requirements, including distributing to shareholders substantially all of its taxable income (other than net capital gains), then it is not taxed on the income distributed to shareholders. Distributions received from REITs may be characterized as income, capital gain or a return of capital. A return of capital is recorded by a Fund as a reduction to the cost basis of its investment in the REIT. REITs are subject to management fees and other expenses, and so the Funds that invest in REITs will bear their proportionate share of the costs of the REITs’ operations.

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Funds may enter into the borrowings and other financing transactions described below to the extent permitted by each Fund’s respective investment policies.

The following disclosures contain information on a Fund’s ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by a Fund. The location of these instruments in each Fund’s financial statements is described below.

(a) Repurchase Agreements  Under the terms of a typical repurchase agreement, a Fund purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and a Fund to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Fund or counterparty at any time. The underlying securities for all repurchase agreements are held by a Fund’s custodian or designated subcustodians under tri-party repurchase agreements and in certain instances will remain in custody with the counterparty. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Statements of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statements of Operations. In periods of increased demand for collateral, a Fund may pay a fee for the receipt of collateral, which may result in interest expense to the Fund.

(b) Securities Lending  The Funds listed below may seek to earn additional income by lending their securities to certain qualified broker-dealers and institutions on a short-term or long-term basis via a lending agent.

Fund Name

PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF

PIMCO RAFI Dynamic Multi-Factor International Equity ETF

PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF

PIMCO RAFI ESG U.S. ETF

Securities on loan are required to be secured by cash collateral at least equal to 102% of the domestic, or 105% of the foreign security’s market value. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. The Funds will then invest the cash collateral received in the PIMCO Government Money Market Fund and record a liability for the return of the collateral during the period the securities are on loan. Each Fund is subject to a lending limit of 33.33% of total assets (including the value of collateral).

The loans are subject to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the lender securities identical to the loaned securities. Should the borrower of the securities fail to return loaned securities, the Fund has the right to repurchase the securities using the collateral in the open market.

The borrower pays fees at the Funds’ direction to the lending agent. The lending agent may retain a portion of the fees and interest earned on the cash collateral invested as compensation for its services. Investments made with the cash collateral are disclosed on the Schedules of Investments, if applicable. The lending fees and the Funds’ portion of the interest income earned on cash collateral are included on the Statements of Operations as securities lending income, if applicable.

(c) Interfund Lending  In accordance with an exemptive order (the “Order”) from the SEC, the Funds of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund’s investment policies and restrictions. The Funds are currently permitted to borrow under the Interfund Lending Program. A lending fund may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing fund may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the fund’s investment restrictions). If a borrowing fund’s total outstanding borrowings exceed 10% of its total assets, each of its outstanding

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Notes to Financial Statements (Cont.)

interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended December 31, 2022, the Funds did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Funds may enter into the financial derivative instruments described below to the extent permitted by each Fund’s respective investment policies.

The following disclosures contain information on how and why the Funds use financial derivative instruments, and how financial derivative instruments affect the Funds’ financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statements of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statements of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedules of Investments. The financial derivative instruments outstanding as of period end and the

amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedules of Investments, serve as indicators of the volume of financial derivative activity for the Funds.

Forward Foreign Currency Contracts  may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of a Fund’s securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by a Fund as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Statements of Assets and Liabilities. In addition, a Fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in a Fund, which could adversely affect its net asset value, yield and total return, are listed below.

Risks	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	PIMCO RAFI Dynamic Multi-Factor International Equity ETF	PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF	PIMCO RAFI ESG U.S. ETF
Small Fund	—	X	X	X
Market Trading	X	X	X	X
Equity	X	X	X	X
Credit	X	X	X	X
Market	X	X	X	X
Liquidity	X	X	X	X
Issuer	X	X	X	X
Derivatives	X	X	X	X
Foreign (Non-U.S.) Investment	X	X	—	—
Emerging Markets	X	—	—	—
Currency	X	X	—	—
Model	X	X	X	X
Leveraging	X	X	X	X
Management and Tracking Error	X	X	X	X
Indexing	X	X	X	X
Environmental, Social and Governance Investing	—	—	—	X

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Please see “Description of Principal Risks” in a Fund’s prospectus for a more detailed description of the risks of investing in a Fund.

Small Fund Risk  is the risk that a smaller Fund may not achieve investment or trading efficiencies. Additionally, a smaller Fund may be more adversely affected by large purchases or redemptions of Fund shares.

Market Trading Risk  is the risk that an active secondary trading market for Fund shares does not continue once developed, that a Fund may not continue to meet a listing exchange’s trading or listing requirements, or that Fund shares trade at prices other than a Fund’s net asset value particularly during times of market stress.

Equity Risk  is the risk that the value of equity securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity securities generally have greater price volatility than fixed income securities.

Credit Risk  is the risk that a Fund could lose money if the counterparty to a derivative contract is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.

Market Risk  is the risk that the value of securities owned by a Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries.

Liquidity Risk  is the risk that a particular investment may be difficult to purchase or sell and that a Fund may be unable to sell illiquid investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. The liquidity of a Fund’s shares may be constrained by the liquidity of a Fund’s portfolio holdings.

Issuer Risk  is the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services.

Derivatives Risk  is the risk of investing in derivative instruments (such as forwards, futures, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a Fund could lose more than the initial amount invested. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for a Fund. A Fund’s use of derivatives may result in losses to a Fund, a reduction in a Fund’s returns and/or increased volatility. Over-the-counter (“OTC”)

derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange- traded or traded through a central clearing counterparty resides with a Fund’s clearing broker, or the clearinghouse. Changes in regulation relating to a registered fund’s use of derivatives and related instruments could potentially limit or impact the Fund’s ability to invest in derivatives, limit a Fund’s ability to employ certain strategies that use derivatives or other similar investments and/ or adversely affect the value of derivatives or other similar investments and a Fund’s performance.

Foreign (Non-U.S.) Investment Risk  is the risk that investing in foreign (non-U.S.) securities may result in a Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes, diplomatic developments or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

Emerging Markets Risk  is the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk.

Currency Risk  is the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect a Fund’s investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign

(non-U.S.) currencies.

Model Risk  is the risk that a Fund’s investment models used in making investment allocation decisions, including the indexation methodologies used in constructing the Underlying Index, may not adequately take into account certain factors, may contain design flaws or faulty assumptions, and may rely on incomplete or inaccurate data, any of which may result in a decline in the value of an investment in a Fund.

Leveraging Risk  is the risk that certain transactions of a Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing a Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss.

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Notes to Financial Statements (Cont.)

Management and Tracking Error Risk  is the risk that the portfolio manager’s investment decisions may not produce the desired results or that a Fund’s portfolio may not closely track the Underlying Index for a number of reasons. A Fund incurs operating expenses, which are not applicable to the Underlying Index, and the costs of buying and selling securities, especially when rebalancing a Fund’s portfolio to reflect changes in the composition of the Underlying Index. Performance of a Fund and the Underlying Index may vary due to asset valuation differences and differences between a Fund’s portfolio and the Underlying Index due to legal restrictions, cost or liquidity restraints. The risk that performance of a Fund and the Underlying Index may vary may be heightened during periods of increased market volatility or other unusual market conditions. In addition, a Fund’s use of a representative sampling approach may cause a Fund to be less correlated to the return of the Underlying Index than if a Fund held all of the securities in the Underlying Index.

Indexing Risk  is the risk that a Fund is negatively affected by general declines in the asset classes represented by the Underlying Index.

Environmental, Social and Governance Investing Risk  is the risk that, because the Underlying Index may select or exclude securities of certain issuers for reasons other than performance, a Fund’s performance will differ from funds that do not utilize an ESG investing strategy. ESG investing is qualitative and subjective by nature, and there is no guarantee that the factors utilized by the Index Provider or any judgment exercised by the Index Provider in constructing the Underlying Index will reflect the opinions of any particular investor.

(b) Other Risks

In general, a Fund may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks. Please see a Fund’s prospectus and Statement of Additional Information for a more detailed description of the risks of investing in a Fund. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact a Fund’s performance.

Market Disruption Risk  The Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause the Fund to lose value. These events can also impair the technology and other operational systems upon which the Fund’s service providers, including

PIMCO as the Fund’s investment adviser, rely, and could otherwise disrupt the Fund’s service providers’ ability to fulfill their obligations to the Fund. For example, the recent spread of an infectious respiratory illness caused by a novel strain of coronavirus (known as COVID-19) has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the Fund holds, and may adversely affect the Fund’s investments and operations. Additionally, to the extent the Fund invests in securities and instruments economically tied to Russia, the recent Russian invasion of Ukraine may adversely affect the Fund’s investments. Please see the Important Information section for additional discussion of the COVID-19 pandemic as well as the Russian invasion of Ukraine.

Government Intervention in Financial Markets  Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which a Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which a Fund itself is regulated. Such legislation or regulation could limit or preclude a Fund’s ability to achieve its investment objective. Furthermore, volatile financial markets can expose a Fund to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Fund. The value of a Fund’s holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which a Fund invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk  Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way a Fund is regulated, affect the expenses incurred directly by a Fund and the value of its investments, and limit and/or preclude a Fund’s ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

Operational Risk  An investment in a Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have

64 PIMCO EQUITY SERIES

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a material adverse effect on a Fund. While a Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.

Cyber Security Risk  As the use of technology has become more prevalent in the course of business, the Funds have become potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause a Fund to lose proprietary information, suffer data corruption and/ or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Cyber security failures or breaches may result in financial losses to a Fund and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with a Fund’s ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Funds and their shareholders may suffer losses as a result of a cyber security breach related to the Funds, their service providers, trading counterparties or the issuers in which a Fund invests.

8. MASTER NETTING ARRANGEMENTS

A Fund may be subject to various netting arrangements (“Master Agreements”) with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes the Statements of Assets and Liabilities generally present derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under

most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statements of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statements of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. A Fund’s overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively “Master Repo Agreements”) govern repurchase, reverse repurchase, and certain sale-buyback transactions between a Fund and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default, and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

Master Securities Forward Transaction Agreements (“Master Forward Agreements”) govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between a Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedules of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant (“FCM”) registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Fund assets in the segregated account. Portability of exposure reduces risk to the Funds. Variation margin, which reflects changes in

SEMIANNUAL REPORT | DECEMBER 31, 2022 65

Notes to Financial Statements (Cont.)

market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin as of period end are disclosed in the Notes to Schedules of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes (“ISDA Master Agreements”) govern bilateral OTC derivative transactions entered into by a Fund with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Funds may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Funds are required by regulation to post additional collateral beyond coverage of daily exposure, they could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

9. FEES AND EXPENSES

(a) Management Fee  PIMCO, a majority-owned subsidiary of Allianz Asset Management of America LLC (“Allianz Asset Management”), serves as the Manager to the Trust, pursuant to an investment management agreement. Each Fund pays PIMCO fees in return for providing investment advisory, supervisory and administrative services under an all-in fee structure. Each Fund will pay monthly management fees to PIMCO at an annual rate based on average daily net assets (the “Management Fee”), at an annual rate as noted in the table below.

Fund Name	Management Fee
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF		0.49%
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		0.39%
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		0.29%
PIMCO RAFI ESG U.S. ETF		0.29%

(b) Distribution and Servicing Fees  PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor (“Distributor”) of

each Fund’s Creation Units. The Distributor does not maintain a secondary market in shares of the Funds. During the period ended December 31, 2022 each Fund was permitted to compensate the Distributor at an annual rate of up to 0.25% of a Fund’s average daily net assets (the “12b-1 Plan Fee”). However, the Board of Trustees has determined not to authorize payment of a 12b-1 Plan Fee at this time. The 12b-1 Plan Fee may only be imposed or increased when the Board determines that it is in the best interests of shareholders to do so. Because these fees are paid out of a Fund’s assets on an ongoing basis, to the extent that a fee is authorized, over time it will increase the cost of an investment in the Fund. The 12b-1 Plan Fee may cost an investor more than other types of sales charges.

(c) Fund Expenses  PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Funds bear other expenses which are not covered under the Management Fee which may vary and affect the total level of expenses paid by shareholders, such as (i) salaries and other compensation of any of the Trust’s executive officers and employees who are not officers, directors, stockholders or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) costs of borrowing money, including interest expenses; (v) securities lending fees and expenses; (vi) fees and expenses of the Trustees who are not “interested persons” of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vii) extraordinary expenses, including costs of litigation and indemnification expenses; and (viii) organizational and offering expenses of the Trust and the Funds, and any other expenses which are capitalized in accordance with generally accepted accounting principles. The ratio of expenses to average net assets, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses as disclosed in the prospectus.

The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Manager, all of whom receive remuneration for their services to the Trust from the Manager or its affiliates.

(d) Expense Limitation  Pursuant to the Expense Limitation Agreement, PIMCO has agreed, through October 31, 2023, to waive a portion of the Funds’ Management Fee, or reimburse each Fund, to the extent that each Fund’s organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee Fees exceed 0.0049%, the “Expense Limit” (calculated as a percentage of the Fund’s average daily net assets). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The waiver is reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO.

66 PIMCO EQUITY SERIES

December 31, 2022 (Unaudited)

In any month in which the investment management agreement is in effect, PIMCO is entitled to reimbursement by each Fund of any portion of the Management Fee and/or other expenses waived or reimbursed as set forth above (the “Reimbursement Amount”) within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. The total recoverable amounts to PIMCO at December 31, 2022, were as follows (amounts in thousands^†):

	Expiring within
Fund Name	12 months		13-24 months		25-36 months		Total
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	$	38	$	38	$	9	$	85
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		0		3		7		10
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		5		4		7		16
PIMCO RAFI ESG U.S. ETF		76		1		2		79

^†  A zero balance may reflect actual amounts rounding to less than one thousand.

The waivers are reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended December 31, 2022, the amounts were (in thousands^†):

Fund Name	Waived Fees
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	$	3
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		3
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		3
PIMCO RAFI ESG U.S. ETF		1

^† A zero balance may reflect actual amounts rounding to less than one thousand.

10. RELATED PARTY TRANSACTIONS

The Manager and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statements of Assets and Liabilities.

11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust’s organizational documents, each Trustee or officer of the Trust is indemnified and each employee or other agent of the Trust (including the Trust’s investment manager) may be indemnified, to the extent permitted by the Act, against certain liabilities that may arise out

of performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts.

12. PURCHASES AND SALES OF SECURITIES

The length of time a Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Fund is known as “portfolio turnover.” Each Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by the Fund. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates when distributed to shareholders). The transaction costs associated with portfolio turnover may adversely affect a Fund’s performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended December 31, 2022, were as follows (amounts in thousands^†):

	U.S. Government/Agency				All Other
Fund Name	Purchases		Sales		Purchases		Sales
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	$	0	$	0	$	27,884	$	24,659
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		0		0		13,375		10,940
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		0		0		21,886		21,814
PIMCO RAFI ESG U.S. ETF		0		0		2,314		4,806

^†  A zero balance may reflect actual amounts rounding to less than one thousand.

SEMIANNUAL REPORT | DECEMBER 31, 2022 67

Notes to Financial Statements (Cont.)

13. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by a Fund only in Creation Units. Except when aggregated in Creation Units, shares of a Fund are not redeemable. Transactions in capital shares for a Fund are disclosed in detail on the Statements of Changes in Net Assets.

The consideration for the purchase of Creation Units of a Fund generally consists of a basket of cash and/or securities that a Fund specifies each business day. Authorized Participants may be charged transaction fees as set forth below. To offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, Authorized Participants are subject to standard creation and redemption transaction fees payable directly to State Street Bank and Trust Company, the sub-administrator of the Funds. PIMCO may, from time to time, at its own expense, compensate purchasers of Creation Units who have purchased substantial amounts of Creation Units and other financial institutions for administrative or marketing services. Creations and redemptions for cash (when cash creations and redemptions are available or specified) may be subject to an additional variable charge up to the maximum amount shown in the table below.

Fund Name	Standard Creation/ Redemption Transaction Fee*		Maximum Variable Charge for Cash Creations**		Maximum Variable Charge for Cash Redemptions**
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	$	2,250		3.00%		2.00%
PIMCO RAFI Dynamic Multi-Factor International Equity ETF	$	5,000		3.00%		2.00%
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF	$	2,250		3.00%		2.00%
PIMCO RAFI ESG U.S. ETF	$	500		3.00%		2.00%

* Applicable to in-kind contributions or redemptions only.

** As a percentage of the net asset value per Creation Unit purchased or redeemed, inclusive of the standard creation transaction fee (if imposed).

14. INVESTMENT TRANSACTIONS

For the period ended December 31, 2022, certain Funds had in-kind contributions and in-kind redemptions as follows (amounts in thousands^†):

Fund Name	Contributions		Redemptions
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	$	3,639	$	6,514
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		17,406		0
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		14,462		0
PIMCO RAFI ESG U.S. ETF		2,781		4,281

^†  A zero balance may reflect actual amounts rounding to less than one thousand.

The in-kind contributions and in-kind redemptions in this table may not agree with the Fund Share Transactions on the Statements of Changes in Net Assets. The table represents the accumulation of each Fund’s daily net shareholder transactions which were executed in kind while the Statements of Changes in Net Assets reflect gross shareholder transactions including any cash component of the transactions.

15. REGULATORY AND LITIGATION MATTERS

The Funds are not named as defendants in any material litigation or arbitration proceedings and are not aware of any material litigation or claim pending or threatened against them.

On May 17, 2022, Allianz Global Investors U.S. LLC (“AGI U.S.”) pleaded guilty in connection with the proceeding United States of America v. Allianz Global Investors U.S. LLC. AGI U.S. is an indirect subsidiary of Allianz SE. The conduct resulting in the matter described

above occurred entirely within AGI U.S. and did not involve PIMCO or the Distributor, or any personnel of PIMCO or the Distributor. Nevertheless, because of the disqualifying conduct of AGI U.S., their affiliate, PIMCO would have been disqualified from serving as the investment adviser, and the Distributor would have been disqualified from serving as the principal underwriter, to the Funds in the absence of SEC exemptive relief. PIMCO and the Distributor have received exemptive relief from the SEC to permit them to continue serving as investment adviser and principal underwriter for U.S.-registered investment companies, including the Funds.

The foregoing speaks only as of the date of this report.

16. FEDERAL INCOME TAX MATTERS

Each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the “Code”) and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

A Fund may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

In accordance with U.S. GAAP, the Manager has reviewed the Funds’ tax positions for all open tax years. As of December 31, 2022, the Funds have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.

68 PIMCO EQUITY SERIES

December 31, 2022 (Unaudited)

The Funds file U.S. federal, state, and local tax returns as required. The Funds’ tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

Under the Regulated Investment Company Modernization Act of 2010, a fund is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

As of their last fiscal year ended June 30, 2022, the Funds had the following post-effective capital losses with no expiration (amounts in thousands^†):

	Short-Term		Long-Term
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	$	0	$	0
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		9,112		4,178
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		12,871		4,215
PIMCO RAFI ESG U.S. ETF		1,048		115

^†  A zero balance may reflect actual amounts rounding to less than one thousand.

As of December 31, 2022, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands^†):

	Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)(1)
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	$	77,482	$	8,740	$	(14,492	)	$	(5,752	)
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		104,542		9,528		(6,591	)		2,937
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		102,864		16,708		(4,057	)		12,651
PIMCO RAFI ESG U.S. ETF		29,953		1,576		(3,677	)		(2,101	)

^†  A zero balance may reflect actual amounts rounding to less than one thousand.

⁽¹⁾  Primary differences, if any, between book and tax net unrealized appreciation/(depreciation) are attributable to wash sale loss deferrals for federal income tax purposes.

SEMIANNUAL REPORT | DECEMBER 31, 2022 69

Glossary: (abbreviations that may be used in the preceding statements) (Unaudited)

Counterparty Abbreviations:
FICC	Fixed Income Clearing Corporation	MBC	HSBC Bank Plc	UBS	UBS Securities LLC
Currency Abbreviations:
CAD	Canadian Dollar	USD (or $)	United States Dollar
Other Abbreviations:
ADR	American Depositary Receipt	REIT	Real Estate Investment Trust	TBA	To-Be-Announced
JSC	Joint Stock Company	SP - ADR	Sponsored American Depositary Receipt

70 PIMCO EQUITY SERIES

Distribution Information (Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the “Act”), the Funds estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended December 31, 2022 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other  Capital Sources**		Total (per common share)
July 2022	$	0.1900	$	0.0000	$	0.0000	$	0.1900
October 2022	$	0.2900	$	0.0000	$	0.0000	$	0.2900
December 2022	$	0.0500	$	0.0000	$	0.0000	$	0.0500
PIMCO RAFI Dynamic Multi-Factor International Equity ETF	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other  Capital Sources**		Total (per common share)
July 2022	$	0.3100	$	0.0000	$	0.0000	$	0.3100
October 2022	$	0.1100	$	0.0000	$	0.0000	$	0.1100
December 2022	$	0.2100	$	0.0000	$	0.0000	$	0.2100
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other  Capital Sources**		Total (per common share)
July 2022	$	0.1800	$	0.0000	$	0.0000	$	0.1800
October 2022	$	0.2000	$	0.0000	$	0.0000	$	0.2000
December 2022	$	0.2300	$	0.0000	$	0.0000	$	0.2300
PIMCO RAFI ESG U.S. ETF	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
July 2022	$	0.1500	$	0.0000	$	0.0000	$	0.1500
October 2022	$	0.1400	$	0.0000	$	0.0000	$	0.1400
December 2022	$	0.1900	$	0.0000	$	0.0000	$	0.1900

* The source of dividends provided in the table differs, in some respects, from information presented in this report prepared in accordance with generally accepted accounting principles, or U.S. GAAP. For example, net earnings from certain interest rate swap contracts are included as a source of net investment income for purposes of Section 19(a). Accordingly, the information in the table may differ from information in the accompanying financial statements that are presented on the basis of U.S. GAAP and may differ from tax information presented in the footnotes. Amounts shown may include accumulated, as well as fiscal period net income and net profits.

** Occurs when a fund distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a fund’s net income, yield, earnings or investment performance.

SEMIANNUAL REPORT | DECEMBER 31, 2022 71

Approval of Investment Advisory Contract and Other Agreements

Approval of Renewal of the Investment Management Agreement for PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF, PIMCO RAFI Dynamic Multi-Factor International Equity ETF PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF and PIMCO RAFI ESG U.S. ETF

At a meeting held on August 23-24, 2022, the Board of Trustees (the “Board”) of PIMCO Equity Series (the “Trust”), including the Trustees who are not “interested persons” of the Trust under the Investment Company Act of 1940, as amended (the “Independent Trustees”), considered and unanimously approved the renewal of the Investment Management Agreement (the “Investment Management Agreement”) between the Trust, on behalf of PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF, PIMCO RAFI Dynamic Multi-Factor International Equity ETF, PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF and PIMCO RAFI ESG U.S. ETF (each, a “Fund” and collectively, the “Funds”), and Pacific Investment Management Company LLC (“PIMCO”), for an additional one-year term through August 31, 2023.

The information, material factors and conclusions that formed the basis for the Board’s approval are summarized below.

1. INFORMATION RECEIVED

(a) Materials Reviewed:  During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO to the Trust. At each of its quarterly meetings, the Board reviewed the Funds’ investment performance and a significant amount of information relating to Fund operations, including shareholder services, valuation and custody, the Funds’ compliance program and other information relating to the nature, extent and quality of services provided by PIMCO to the Trust and each of the Funds. In considering whether to approve the renewal of the Investment Management Agreement, the Board reviewed additional information, including, but not limited to: comparative industry data with regard to investment performance; management fees; financial information for PIMCO; information regarding the profitability to PIMCO of its relationship with the Funds; information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Funds; and information about the fees charged and services provided to other clients with similar investment mandates as the Funds, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees (“Counsel”), which included, among other things, a memorandum outlining legal duties of the Board in considering the renewal of the Investment Management Agreement.

(b) Review Process:  In connection with considering the renewal of the Investment Management Agreement, the Board reviewed written materials prepared by PIMCO in response to requests from Counsel

encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared at the Board’s request by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Investment Management Agreement and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 23-24, 2022 meeting. The Independent Trustees also met via video conference with Counsel on July 14, 2022, and conducted a video conference meeting on August 10, 2022 with management and Counsel to discuss the materials presented and other matters deemed relevant to their consideration of the renewal of the Investment Management Agreement. In connection with its review of the Investment Management Agreement, the Board received comparative information on the performance, the risk-adjusted performance and the fees and expenses of other peer group funds where appropriate. The Independent Trustees also requested and received supplemental information, including information regarding Broadridge peer classifications, the expense structure of certain Funds, outflows for certain Funds, Fund performance and profitability.

The approval determination was made on the basis of each Trustee’s business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Investment Management Agreement, the Board did not identify any single factor or particular information that, in isolation, was controlling. The discussion below is intended to summarize the broad factors and information that figured prominently in the Board’s consideration of the renewal of the Investment Management Agreement, but is not intended to summarize all of the factors considered by the Board.

2. NATURE, EXTENT AND QUALITY OF SERVICES

(a) PIMCO, its Personnel and Resources:  The Board considered the depth and quality of PIMCO’s investment management process, including, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Funds’ asset levels. The Board also considered the various services in addition to portfolio management that PIMCO provides under the Investment Management Agreement. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to investment management,

72 PIMCO EQUITY SERIES

(Unaudited)

compliance, trading, performance and portfolio accounting. The Board also noted PIMCO’s commitment to enhancing and investing in its global infrastructure, technology capabilities, risk management processes and the specialized talent needed to stay at the forefront of the competitive investment management industry and to strengthen its ability to deliver services under the Investment Management Agreement. The Board considered PIMCO’s policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including new regulations impacting the Funds, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the Funds’ investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the Funds and their shareholders. The Board also considered PIMCO’s investment in new disciplines and talented personnel, which has enhanced PIMCO’s services to the Funds and has allowed PIMCO to introduce innovative new funds over time.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including the ongoing development of its own proprietary software and applications to support the Funds.

Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Investment Management Agreement are likely to continue to benefit the Funds and their shareholders.

(b) Other Services:  The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Funds under the Investment Management Agreement. The Board considered the terms of the Investment Management Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the “unified fee”). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Funds, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Agreement continue to increase. The Board considered PIMCO’s provision of supervisory and administrative services and its supervision of the Trust’s third party service providers to assure that these service providers continue to provide a high level of service relative to alternatives available in the market.

Ultimately, the Board concluded that the nature, extent and quality of the services provided or procured by PIMCO has benefited, and will likely continue to benefit, the Funds and their shareholders.

3. INVESTMENT PERFORMANCE

The Board reviewed information from PIMCO concerning the Funds’ performance, as available, over short- and longer-term periods ended March 31, 2022 and other performance data, as available, over short- and longer-term periods ended June 30, 2022 (the “PIMCO Report”) and from Broadridge concerning the Funds’ performance, as available, over short- and longer-term periods ended March 31, 2022 (the “Broadridge Report”). The Board also noted that while historically the Broadridge Report included peer classifications from only Lipper, as part of this approval process the Broadridge Report incorporated peer classifications from Morningstar for Funds for which it was believed that Morningstar provided a materially improved comparison.

The Board considered information regarding both the short- and longer-term relative and absolute investment performance of each Fund relative to its peer group, and relevant benchmark index as provided to the Board in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Broadridge Report.

The Board reviewed materials indicating that certain Funds outperformed their peer groups during the one-year period-ended March 31, 2022. The Board reviewed materials indicating that the Funds, had underperformed in comparison to their respective benchmark indexes on a net-of-fees basis over short- and longer-term periods ended March 31, 2022. The Board considered that, according to the Broadridge Report, the Funds generally performed well versus competitors during the longer-term, but that certain Funds had underperformed in comparison to their respective peer groups or benchmark indexes, or both, on a net-of-fees basis over certain short- and longer-term periods. With respect to Funds that underperformed to a certain degree over such periods, the Board discussed with PIMCO the reasons for the underperformance of such Funds. The Board also considered actions that have been taken by PIMCO throughout the year to attempt to address underperformance. Depending on the circumstances, the Independent Trustees may be satisfied with a Fund’s performance notwithstanding that it lags its benchmark index or peer group for certain periods.

The Board ultimately concluded, within the context of all of its considerations in connection with the Investment Management Agreement, that PIMCO’s performance record and process in managing the Funds indicates that its continued management is likely to benefit the Funds and their shareholders, and merits the approval of the renewal of the Investment Management Agreement.

4. MANAGEMENT FEE AND TOTAL EXPENSES

The Board considered that PIMCO seeks to price new funds to scale at the outset. The Board noted that PIMCO generally seeks to price new funds competitively against the median total expense ratio of the

SEMIANNUAL REPORT | DECEMBER 31, 2022 73

Approval of Investment Advisory Contract and Other Agreements (Cont.)

respective Broadridge peer group, if available, while acknowledging that a fee premium may be appropriate for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Fund, it considers a number of factors, including, but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services and the competitive marketplace for financial products. Fees charged to or proposed for different Funds for management services may vary in light of these various factors. The Board also considered that PIMCO reviews the Funds’ fee levels and carefully considers changes where appropriate due to competitive positioning considerations, observed long-term notable underperformance and significant misalignments with the level or quality of services being provided or a change in the overall strategic positioning of the Funds.

The Board reviewed the management fee and total expenses of each Fund (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. With respect to the management fee, the Board reviewed data from the Broadridge Report that compared the average and median management fees of other funds in a “Peer Group” of comparable funds, where appropriate, as well as the universe of other similar funds. The Board also considered that PIMCO reviews the Funds’ fee levels and carefully considers changes where appropriate. In addition, the Board considered the expense limitation agreement in place for all of the Funds.

The Board also reviewed data comparing certain Funds’ management fees to the fee rates PIMCO charges to clients (both advised and sub-advised) with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Funds, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in the advisory and other services provided by PIMCO to the Funds, differences in the number or extent of the services provided by PIMCO to the Funds and the manner in which similar portfolios may be managed, different requirements with respect to liquidity management and the implementation of other regulatory requirements. The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as compared to external sub-advised funds or other investment products.

Regarding advisory fees charged by PIMCO in its capacity as sub-adviser to third party/unaffiliated funds, the Trustees took into account that such fees may be lower than the fees charged by PIMCO to serve as adviser to the Funds. The Trustees also took into account that there are various reasons for any such differences in fees, including, but not limited to, the fact that PIMCO may be subject to

varying levels of entrepreneurial, legal and regulatory risk and different servicing requirements when PIMCO does not serve as the sponsor of a fund and is not principally responsible for all aspects of a fund’s investment program and operations as compared to when PIMCO serves as investment adviser and sponsor.

The Board considered the Funds’ unified fee structure, under which each Fund pays for the advisory and supervisory and administrative services it requires for one set fee. In return for this unified fee, PIMCO provides or procures such services and bears the costs of various third party services required by the Funds, including audit, custodial, portfolio accounting, ordinary legal, transfer agency and printing costs. The Board also considered that the unified fee leads to Fund fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Fund fees at competitive levels over the contract period even if the Funds’ operating costs rise when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO’s approach of pricing Funds at scale at inception and reinvesting in other important areas of the business that support the Funds. The Board concluded that each Fund’s fees were reasonable in relation to the value of the services provided, and that the unified fee represents, in effect, a cap on overall Fund fees during the contractual period, which is beneficial to the Funds and their shareholders.

The Board noted that the Funds’ total expenses continued to be generally in line with those of competitor funds. Upon comparing the Funds’ total expenses to other funds in the “Peer Groups” provided by the Broadridge Report, where appropriate, the Board found total expenses of each Fund to be reasonable.

Based on the information presented by PIMCO and Broadridge, members of the Board determined, in the exercise of their business judgment, that the management fees charged by PIMCO under the Investment Management Agreement and that the total expenses of each Fund, are reasonable.

5. ADVISER COSTS, LEVEL OF PROFITS AND ECONOMIES OF SCALE

The Board reviewed information regarding PIMCO’s costs of providing services to, as well as the resulting level of profits attributable to the Funds. The Board also noted that it had received information regarding the structure and manner in which PIMCO’s investment professionals were compensated, and PIMCO’s view of the relationship of such compensation to the recruitment and retention of quality personnel. The Board considered PIMCO’s investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce existing services, offer new services, and accommodate changing regulatory requirements.

74 PIMCO EQUITY SERIES

(Unaudited)

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Funds, PIMCO shares the benefits of such economies of scale, if any, with the Funds and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision, governance and oversight of those services; and through fee reductions or waivers, the pricing of Funds to scale from inception and the enhancement of services provided to the Funds in return for fees paid. The Board also considered that the Funds’ unified fee rates had been set competitively and/or priced to scale from inception and continued to be competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing a Fund’s shareholders of the fees associated with the Fund, and that the Fund bears certain expenses that are not covered by the management fee. The Board further considered the challenges that arise when managing large funds, which can result in certain “diseconomies” of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Funds.

The Trustees considered that the unified fee has provided inherent economies of scale because a Fund maintains competitive fixed fees over the annual contract period even if the particular Fund’s assets decline and/or operating costs rise. The Trustees further considered that, in contrast, breakpoints may be a proxy for charging higher fees on lower asset levels and that when a fund’s assets decline, breakpoints may reverse, which causes expense ratios to increase. The Trustees also reviewed materials indicating that, unlike the Funds’ unified fee structure, funds with “pass through” administrative fee structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. The Trustees also considered that the unified fee protects shareholders from a rise in operating costs that may result from, among other things, PIMCO’s investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO’s investments in these areas are extensive.

The Board concluded that the Funds’ cost structures were reasonable and that PIMCO is appropriately sharing economies of scale, if any, through the Funds’ unified fee structure, generally pricing Funds to scale at inception and reinvesting in its business to provide enhanced and expanded services to the Funds and their shareholders.

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO’s relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO’s institutional investment management business due to the reputation and market penetration of

the Trust or third party service providers’ relationship-level fee concessions, which decrease fees paid by PIMCO. The Board noted that while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Funds, it has adopted a policy not to enter into contractual soft dollar arrangements.

7. CONCLUSIONS

Based on their review, including their comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services rendered to the Funds by PIMCO supported the renewal of the Funds’ Investment Management Agreement. The Independent Trustees and the Board as a whole concluded that the Funds’ Investment Management Agreement continued to be fair and reasonable to the Funds and their shareholders, that the Funds’ shareholders received reasonable value in return for the fees paid to PIMCO by the Funds under the Investment Management Agreement, and that the renewal of the Investment Management Agreement was in the best interests of the Funds and their shareholders.

SEMIANNUAL REPORT | DECEMBER 31, 2022 75

General Information

Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank & Trust Co.

State Street Financial Center

One Lincoln Street

Boston, MA 02111

Transfer Agent

State Street Bank & Trust Co.

State Street Financial Center

One Lincoln Street

Boston, MA 02111

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the Funds listed on the Report cover.

PES4004SAR_123122

b) Not applicable to the Registrant.

Item 2. Code of Ethics.

The information required by this Item 2 is only required in an annual report on this Form N-CSR.

Item 3. Audit Committee Financial Expert.

The information required by this Item 3 is only required in an annual report on this Form N-CSR.

Item 4. Principal Accountant Fees and Services.

The information required by this Item 4 is only required in an annual report on this Form N-CSR.

Item 5. Audit Committee of Listed Registrants.

The information required by this Item 5 is only required in an annual report on this Form N-CSR.

Item 6. Schedule of Investments.

The information required by this Item 6 is included as part of the semiannual reports to shareholders filed under Item 1 of this Form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Trust’s Board of Trustees since the Trust last provided disclosure in response to this item.

Item 11. Controls and Procedures.

(a) The principal executive officer and principal financial & accounting officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) provide reasonable assurances that material information relating to the Registrant is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 13. Exhibits.

(a)(1) Exhibit 99.CODE—Code of Ethics is not applicable for semiannual reports.

(a)(2) Exhibit 99.CERT—Certifications pursuant to Section  302 of the Sarbanes-Oxley Act of 2002.

(a)(3) Not applicable for open-end investment companies.

(a)(4) There was no change in the registrant’s independent public accountant for the period covered by the report.

(b) Exhibit 99.906CERT—Certifications pursuant to Section  906 of the Sarbanes-Oxley Act of 2002.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

PIMCO Equity Series
By:	/s/    Eric D. Johnson
	Eric D. Johnson
	President (Principal Executive Officer)
Date: March 8, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/    Eric D. Johnson
	Eric D. Johnson
	President (Principal Executive Officer)
Date: March 8, 2023
By:	/s/    Bijal Y. Parikh
	Bijal Y. Parikh
	Treasurer (Principal Financial & Accounting Officer)
Date: March 8, 2023